ISLAMABAD: Many international companies are seeking a license from Singapore to receive Bitcoin as payment from buyers in the wake of a strict ban in China on the trade of this cryptocurrency.
Ali Baba, a leading Chinese e-commerce giant, is on top of many mega companies which are seeking a license from Singapore to receive Bitcoin from buyers in Asian countries. In recent years, Singapore has emerged as a famous hub for promoting trade of Bitcoin. Resultantly, many leading companies have rushed to Singapore for getting a license to take advantage of receiving payment through Bitcoin.
According to available details, in the next few weeks, Bitcoin and other cryptocurrencies will experience a positive environment in their demand and value soon after Ali Baba and other companies get a license from Singapore authorities and start receiving Bitcoin from the customers.
Meanwhile, CEO Tesla Elon Musk seems to be in trouble as a group of hackers called “Anonymous” has threatened him to take revenge of his deliberate habit of undermining Bitcoin. Two days ago, Elon Musk issued a negative tweet about Bitcoin which threw value of this cryptocurrency from above $39,000 to below $36,000. The trading board of cryptocurrencies turned red soon after the tweet of Elon Musk which has annoyed investors globally.
In a video message, shared on Twitter after Musk’s tweet, Anonymous hackers group has criticized Tesla CEO for frequently damaging Bitcoin and hurting sentiments and investments of millions of cryptocurrency investors. Hackers said Elon Musk, an American billionaire and leading electronic car maker, has caused enormous financial losses to millions of cryptocurrency investors. Hackers also claimed that Elon Musk has abandoned Bitcoin just to keep intact subsidies his company was receiving from the United States.
In May 2021, Bitcoin was trading above $63,000 when Elon Musk and some officials of the United States launched a campaign against mining of this cryptocurrency in China with coal-based energy claiming that this trend was deteriorating global warming problem. Elon Musk also abandoned his company’s earlier decision of accepting Bitcoin for selling cars. In May he issued a number of statements and tweets which badly damaged demand and value of cryptocurrency in the market and gradually Bitcoin plunged to around $35,000.
Two days ago, Bitcoin was trading above $39,000 with $736 billion market capitalization while Ethereum was being traded around $2,800 with $333 billion market cap. But the value and market capitalization once again dropped when Elon Musk issued a new tweet with a negative meme, targeting Bitcoin. Resultantly, on May 7, 2021, value of Bitcoin has declined to $36,000 with $680 billion market cap. Similarly, Ethereum too has suffered a blow and its price and market cap have dropped to $2,567 and $324 billion, respectively, from earlier market cap of $333 billion.
Thus, Bitcoin and Ethereum have lost $50 billion market capitalization in just two days after the sarcastic tweet of Elon Musk. Thousands of cryptocurrency investors appear annoyed with this childish approach of CEO Tesla and many of them have expressed their anger on social media terming Musk an immature and publicity monger business tycoon of the United States.
Meanwhile, Texas State in America has approved a law on May 6, 2021, making legal investment in Bitcoin. Worth to note is that the United States has already legalized Bitcoin investment and trading, thus, American states are coming up with laws to facilitate people to trade and invest in cryptocurrencies.