Bloomberg’s Senior Commodity Strategist, Mike McGlon, has said that Bitcoin will still be bought.
McGlone believes that Bitcoin still has prospects to make further gains despite the doublespeak by Tesla’s CEO Elon Musk on the 12th of May. Bitcoin pummeled from over $50,000 to $46,000 within the space of three hours after Musk announced on Twitter the suspension of payment for Tesla using Bitcoin.
The major reason the car manufacturing company took the decision was stated in the screenshot posted by Musk labelling the negative impact of crypto mining on the environment.
Musk however tried to allay the fears of his followers as the business mogul assured the public that Tesla isn’t letting go of its stake in the cryptocurrency yet. The $2.5 billion worth of BTC owned by the car manufacturing company would not be used for transactions until the mining methods of the digital currency transits to a much more sustainable way for the environment.
Tesla would also be looking at viable cryptocurrencies that would use less than one per cent of Bitcoin’s energy consumption per transaction.
Bitcoin Gets Boost as Samsung Features Ledger Cold Storage Support in Galaxy Devices
Smartphone Giant, Samsung announced on Wednesday that users can now hold, manage and access their cryptocurrencies on third party wallets on Galaxy devices.
The feature was made possible through an update that lets users of the Samsung Blockchain wallet link with cold hardware wallets including Ledger products. This implies that Samsung users can manage and trade all their crypto assets from one location.
The Samsung Blockchain wallet was launched in 2019 and since then has gone on to support popular cryptocurrencies like BTC, Ethereum, Tron and ERC 20 tokens.