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Davisibg Forum / Science/Technology / Technology Market / Reason behind the sudden drop of bitcoin

Reason behind the sudden drop of bitcoin


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Reason behind the sudden drop of bitcoin by DeCaleb: 05-24-2021, 06:56 PM
Bitcoin is a type of cryptocurrency used electronically, it is neither tied to a bank nor government, therefore users can spend money anonymously. There is no physical bitcoin.

Bitcoin was founded in 2009, but the founder or founders still remain a mystery, whereas Satoshi Nakamoto stand into the role.

The fall of the bitcoin have being heavily trending in social media over the course some months, so many are curiously asking why the currency is falling. You are reading this because you also want to know. That said, let's get to the point of this article.

Why bitcoin is falling

Currently world number 2 richest man Elon Musk was heavily involved in the bitcoin, his electronic car company Tesla invested $1.5 billion in bitcoin in February, a month letter the company started accepting bitcoin as payment, that contributed to the massive rise of the currency.

However, Musk made a U turn when he announced recently that Tesla will stop accepting bitcoin due to the potential damage it can cause to the environment. That is just the reason behind the sudden down slide of the currency.

This have affected millions of users negatively leading to much complaints and outcry among users.

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