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Bitcoin Price Almost to Rise over $40,000 While Warren Buffett Is Not Bullish on It

2022-05-05 16:52:10
Should I Buy Bitcoin Now Before The Price Is Over $40,000?
At recent Berkshire Hathaway's shareholder meetings, Warren Buffett and his partner Charlie Munger have begun to answer Bitcoin-related questions frequently as more and more investors have begun to focus on Bitcoin. At the recent shareholder meeting, Buffett was more specific in explaining his negative views on Bitcoin.

As a traditional asset investor, Warren Buffett explains that Bitcoin is not a productive asset and does not produce anything tangible. Despite the change in public perception of this cryptocurrency, he insists on not buying it. If someone told him he owned all the Bitcoins in the world and was willing to offer them for $25, Buffett wouldn't accept such a deal because he doesn't know what he could do with them.

However, just as they oppose making cryptocurrency investments, the U.S. Wall Street financial institutions such as Goldman Sachs, Fidelity, and BlackRock are already offering cryptocurrency-related exposure to their clients. Will Bitcoin become one of the stable financial investment models of the future? No one knows the answer to that. For now, however, cryptocurrency investments, mainly Bitcoin and Ethereum, are forming a new type of high-risk investment to get rich.

At the time of writing, the price of Bitcoin is showing $39,770.33 on the national cryptocurrency exchange Gate.io. It has risen 4.4% in the last 24 hours and has traded at $31,763,593,979. After nearly two weeks of price declines, Bitcoin began to trend upward in early May. One of the reasons for this is also the 50 basis point increase in the Federal Reserve rate.

As a side note, the current cryptocurrency trend has been correlated with the entire financial market in the US. If one wanted to short Bitcoin to bankrupt its price to $0, would the entire financial market go through an economic upheaval? Not only that, but some countries are already using cryptocurrencies like Bitcoin as a way to fight inflation, such as Argentina. Some countries use Bitcoin as a national legal tender, such as the Central African Republic.

Bitcoin Payments Are Expanding Acceptance

Singaporean restaurant Maison Ikkoku now accepts BTC as a payment method, according to an official Twitter post by Bitcoin Magazine in early May. There's also luxury brand Gucci, which will begin accepting cryptocurrency payments in select U.S. stores later in May, with plans to expand the pilot to all of its direct North American stores this summer. This might also help with the stability of the Bitcoin price live.

LGT Bank, the world's largest family-owned banking institution, officially announced on May 4 that it has chosen SEBA Bank as its cryptocurrency services partner and that LGT will utilize SEBA's regulated crypto platform and custody services so that the bank's clients can invest in crypto assets. Their openness to cryptocurrencies such as Bitcoin is in part a reflection of the growing importance of cryptocurrencies in the current financial markets.
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