Important news about cryptocurrency over the past week.

“What helped raise the price of cryptocurrency by 20%”

Tesla recently announced a $ 1.5 billion purchase of Bitcoin.
Tesla also said it would begin accepting bitcoin payments in exchange for its products “in accordance with applicable law and initially on a limited basis.” This will make Tesla the first major automaker to do so. Bitcoin, worth $ 1.5 billion, will give Tesla liquidity in cryptocurrency as soon as it starts accepting it for payments. Two weeks ago, Tesla-owned billionaire added the hashtag #bitcoin to his Twitter bio, which helped briefly raise the price of the cryptocurrency by 20 %. Two days later, he said in a Clubhouse chat, “At the moment, I think bitcoin is good and I am a bitcoin supporter.”
Bitcoin prices surged to new highs on Monday following Tesla’s announcement, reaching at least $ 44,200. Tesla shares are up more than 2% on Monday morning.

“Will Central Bank of Kenya Switch to Bitcoin?”

Kenya’s national currency, the shilling, has been on a downward trend over the past several decades as it has lost almost 50% of its value against the US dollar since 2010. In the last year alone, the schilling rate has fallen by almost 10%. against the dollar.
Bitcoin could solve Kenya’s problems with a currency devaluation caused by the International Monetary Fund, Central Bank Governor Patrick Njoroge said. As such, the bank has announced ground-breaking plans to move its base currency to bitcoin, a move that can be considered risky since no other country has done so yet, Njoroge believes BTC could end Kenya’s suffering.
Njoroge believes that the main cryptocurrency will protect Kenya from losses on foreign exchange markets and even reduce the national debt as its price rises.
In any case, if Kenya does continue to use bitcoin, it could have an immediate and dramatic impact on the rate of adoption of the cryptocurrency and its value.

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