Bitcoin:
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The bitcoin price, which fell last year on the back of monetary tightening by the Federal Reserve, has recovered as the market braced for an earthquake in China.
Now that some of the biggest companies on Wall Street have announced their ability to enter the bitcoin, ethereum, and cryptocurrency markets, Tesla.
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“By 2030 all currencies will be fully GPU powered, five years ago that would have sounded like a cryptocurrency prediction,” one Twitter user wrote, referring to the digitization of traditional currencies on the platform Elon Musk bought last year.
“Maybe we should stop calling them GPUs, but yeah,” Musk replied. Graphics processing units (GPUs), originally designed to speed up image processing in computer graphics and video games, have been embraced by artificial intelligence (AI) developers, boosting the market value of Nvidia's GPU designer stock during this year's AI investment boom. .
Countries around the world, particularly China, are increasingly looking to digitize their currencies and create so-called Central Bank Digital Currencies (CBDCs).
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China's online-only digital yuan, which is controlled and endorsed by China's central bank and includes some elements of the same blockchain technology that uses bitcoin, has been made available to millions of people across the country and is backed by the US Federal Reserve and central bank. replaces the European Union. As their own currencies, the European Central Bank (ECB) will start looking at how to digitize them.
Meanwhile, the market cap of stablecoins, a blockchain-based form of cryptocurrency pegged to traditional currencies like the US dollar, has grown rapidly compared to what it was 10 years ago due to increased demand.
Some predict a generalized digitization of currencies that would boost online commerce and give central banks unprecedented control over the use of their currencies to drive interest in cryptocurrencies like Bitcoin and Ethereum.