Last week, Elon Musk decided to tweet about his plans for a cryptomarket-powered bitcoin and ethereum trading platform. The following tweet was particularly intriguing:
“Crypto market cap is now equivalent to that of the entire global stock market (including foreign stocks). Only in 2017 has cryptocurrency market cap surpassed foreign stock market cap. Bitcoin to overtake gold market cap next.”
People immediately started debating whether Musk was serious about this prediction, and others suggested he might be laying the groundwork for a bitcoin and ethereum trading platform that he will offer to the public. Even though bitcoin’s price continued to fall, it has already started to rebound, so the speculation about Musk using Bitcoin as the cryptocurrency of choice may very well turn out to be just that, speculation.
The ethereum price started to move up on the following day as the big banks have begun to shift to digital currency technology to facilitate their transactions. It was just one month ago that Goldman Sachs finally implemented the tech for commercial use, and that may be a big hint to bitcoin’s future.
But what do you think about Elon Musk’s plans for a cryptocurrency trading platform? Do you think the ethereum and bitcoin markets will become more attractive to investors as more big companies adopt the technology? Let us know in the comments below!
Images courtesy of the ethereum blockchain, Shutterstock
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