Bitcoin fans looking for ways to spend their cryptocurrency fortunes can add a big ticket item to the list: a Tesla.
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- Bitcoin price soars, nearing $50, for the first time - CNN
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Bitcoin was last down 2. Ethereum was down 0.
Bitcoin price soars, nearing $50, for the first time - CNN
Meitu's stock, meanwhile, was volatile in Hong Kong. Meitu, which means "beautiful pictures" in Chinese, makes selfie image-enhancing apps that allow users to make their eyes look wider, skin lighter, and faces slimmer. It has nearly million monthly active users, according to its most recent financial report. Prices of cryptocurrencies have surged in recent months, benefiting from a weaker US dollar and expectations that a prolonged period of super low interest rates would create inflation. Cryptocurrencies have also been getting validation from big names in Corporate America.
Elon Musk's carmaker also said it was looking at letting consumers use bitcoin to buy its cars and SUVs. But there are some risks.
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Meitu acknowledged in its company filing Sunday that crypto prices "in general" are "highly volatile," leading it to focus on just the two market leaders. US Treasury Secretary Janet Yellen, meanwhile, expressed worries last month about bitcoin's wild price fluctuations.
Dogecoin, the Cryptocurrency That Started as a Joke, Is Spiking
Read More. Last week, Tesla said it may soon accept the digital currency as payment for its cars. And Tesla, TSLA the most valuable car company on the stock market, said it is holding some of its cash in bitcoin rather than traditional currency. On Wednesday, Mastercard announced it will support "select cryptocurrencies" directly on its network at some point later this year. That represented a major milestone for bitcoin: Square SQ and PayPal PYPL recently began allowing customers to trade bitcoin, but Mastercard will be bitcoin's most mainstream, major platform yet.
That's adding a dose of validity and appeal to cryptocurrency for mainstream investors. For example, a top executive at BlackRock said last year that bitcoin could one day replace gold.
Appetite for risk. Still, the recent cryptocurrency surge is showing signs of a melt-up -- over-enthusiasm fueled by the fear of missing out, not simply market fundamentals. But even he says people need to watch out. He told CNN Business last month that it could be a solid addition to the average investor's portfolio -- but you've got to have the stomach for it.
Where can I buy bitcoin?
Coinbase is a leading exchange, along with Coinmama, CEX. IO and Gemini. Where do I keep my bitcoin? Bitcoin is stored in a digital wallet, which is either on the cloud or your computer. It's like having a virtual bank account. But unlike bank accounts, stored bitcoin isn't insured by the FDIC. Wait, what does Elon Musk have to do with this?
Why bitcoin could triple over next year
Elon Musk, CEO of Tesla and SpaceX, has a history of tweeting support for assets and sending their value soaring, and the world's richest man is very big bitcoin booster. Not long after that he formalized Tesla's relationship with the crypto, the corporate announcements started flowing.
Is bitcoin safe? The cryptocurrency is highly volatile, and therefore very risky.
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And there some inherent dangers to a digital currency: A hacked server, a deleted file or a lost password could mean the funds are lost forever.