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Earlier this month the price of bitcoin soared after Musk said that he was a supporter of the cryptocurrency in an interview carried on Clubhouse, a new social media app designed for wealthy people. Like I said, I was late to the party, but I am a supporter of bitcoin. And I think, bitcoin is really on the verge of getting broad acceptance by conventional finance people. The price of dogecoin also rose after Musk tweeted about it. However, others have told people to be careful before considering investing their savings in bitcoin.

The Tesla investment came as the governor of the Bank of England, Andrew Bailey, reiterated his scepticism about the digital currency. Bitcoin has been criticised by environmentalists because it generates CO 2 through the sheer amount of computing power it uses. During the last three months, markets have begun to recover from the depths of the FTX-induced crypto winter.

The market recovery has also kicked off an altcoin season with many of these coins posting double or triple-digit gains. Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

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CoinDesk journalists are not allowed to purchase stock outright in DCG. Head to consensus. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April Secure Your Seat. Facebook icon Linkedin icon Twitter icon. Follow thesamreynolds on Twitter. Floki Price CoinGecko.

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