Bitcoin (BTC) has seen a resurgence in interest this year, attracting attention from major Wall Street investors. The price of bitcoin has surged past $70,000 per coin, leading to increases in other cryptocurrencies like ethereum and XRP. Notably, meme-based dogecoin has also experienced a boost, with backing from Tesla's Elon Musk.
BlackRock, a $10 trillion asset manager, is preparing for the next phase of its crypto strategy, while Musk hints at potential developments that could impact the market. Musk has hinted at the possibility of integrating payments into X, which has been acquiring money-transmitter licenses across the U.S. Musk aims to revolutionize payments by 2024.
Despite fluctuations in the dogecoin price, it has shown resilience over the past year alongside bitcoin, ethereum, and XRP. Musk's influence on cryptocurrency markets has been significant, with his comments often leading to price movements. Tesla's initial investment in bitcoin in 2021 had a notable impact on the market, sparking speculation about other companies following suit.
While Tesla later sold most of its bitcoin holdings, it still retains a substantial amount and accepts dogecoin for merchandise. Musk has also revealed that SpaceX holds bitcoin, ethereum, and dogecoin, supporting certain crypto transactions.
