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The bitcoin price, which crashed spectacularly last year amid Federal Reserve-led central bank monetary tightening, has bounced back as the market braces for a China earthquake.
Now, as some of Wall Street’s biggest companies signal they could be about to dive into the bitcoin, ethereum and crypto market, Tesla
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Tesla chief executive Elon Musk has agreed with a crypto prediction that could see all currencies … [+]
“By 2030 all currencies will be backed entirely by GPUs, which five years ago would’ve sounded like a crypto prediction,” a Twitter user posted to the platform Elon Musk bought last year, referring to the digitalization of traditional currencies.
“We should probably stop calling them GPUs, but yeah,” Musk responded. Graphics processing units (GPUs), originally designed to accelerate computer graphics and image processing in video games, have been adopted by artificial intelligence (AI) developers, sending the stock value of companies like GPU designer Nvidia soaring as part of this year’s AI investment boom.
Countries around the world, led by China, are increasingly exploring digitalizing their currencies and creating what have become known as central bank digital currencies (CBDCs).
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The bitcoin price has bounced back this year following last year’s price crash, helping the ethereum … [+]
China’s digital yuan—which exists only online, is managed and backed by China’s central bank and incorporates some elements of the same blockchain technology used by bitcoin—has been rolled to millions of people around the country and pushed the U.S. Federal Reserve and the European Union’s European Central Bank (ECB) to begin looking into how they can digitalize their own currencies.
Meanwhile, so-called stablecoins, a form of blockchain-based cryptocurrency pegged to one-to-one with traditional currencies such as the U.S. dollar, have seen their market capitalization rocket since they were first introduced 10 years ago amid surging demand.
Some expect the general digitalization of currencies, driving trade and commerce online and giving central banks unprecedented oversight of how their currencies are used, to spur interest in cryptocurrencies such as bitcoin and ethereum.