Bitcoin (BTC), the world’s premier cryptocurrency, has endured a brutal 50 p.c value crash over the previous few months, precipitated by a litany of hostile developments. Now, nonetheless, evidently the celebs are lastly aligning for Bitcoin, setting the stage for substantial value features.
As a refresher, Bitcoin’s ill-fated love affair with the CEO of Tesla (NASDAQ:TSLA), Elon Musk, led to tears again in Might. Whereas citing the environmental impression from ubiquitous Bitcoin mining, Mr. Musk recanted the ability of accepting the cryptocurrency as a viable mode of fee for Tesla EVs. Helped alongside by different developments, together with an entire ban on crypto mining in China, Bitcoin and the broader crypto sphere endured a brutal correction over the previous few weeks.
Nonetheless, issues look like turning round now. First, Elon Musk not directly confirmed substantial holdings of Bitcoin by Tesla through a current tweet:
We don’t have that many Bitcoin, however it’s shut
— Elon Musk (@elonmusk) July 28, 2021
Furthermore, Amazon (NASDAQ:AMZN) seems to be transferring nearer towards adopting Bitcoin as a mode of fee, as evidenced by its current job posting of a “Digital Forex and Blockchain Product Lead”. It needs to be famous that the e-commerce big has clearly stated that it could not transfer on this course anytime quickly.
In opposition to this very fluid backdrop, Exxon Mobil (NYSE:XOM) could quickly grow to be the newest backer of Bitcoin from company America. To wit, Oil and Gasoline Information has quoted its sources as saying that the power big may purchase round $5 billion value of Bitcoin and that the corporate may additionally begin accepting Bitcoin Lightning in This autumn 2021:
BREAKING: EXXON MOBIL TO ANNOUNCE ~$5B #BITCOIN BUY AND PLANS TO START ACCEPTING BITCOIN AT ALL PUMPS VIA LIGHTNING NETWORK STARTING This autumn 2021 – SOURCES
— Oil and Gasoline Information (@OilGasNews8) July 29, 2021
This tidbit was later confirmed by the INDUSTRY Tribune journalist, Bob Malakas. Particularly, Mr. Malakas cited his sources to recommend that Exxon Mobil could already be utilizing extra flare gasoline to mine Bitcoin:
Sources say Exxon Mobil could already be stacking sats by capturing flare gasoline at mining services and utilizing the surplus power to mine Bitcoin.
Exxon might already be holding effectively over the $5 billion determine beforehand reported.
This may very well be HUGE!
— Bob Malakas (@RealBobMalakas) July 29, 2021
As a refresher, the Bitcoin Lightning Community is an extra layer added to the Bitcoin Community that accelerates transaction processing by circumventing the blockchain, thereby permitting the switch of cash between two wallets instantaneously and with out the related charges. Ought to this hypothesis pan out, it could be an explosive endorsement of your complete cryptocurrency sphere.
This brings us to the crux of the matter. Bitcoin has now closed within the inexperienced for the ninth day in a row. This has solely occurred simply 3 times in Bitcoin’s historical past. As an illustration, the thirtieth of October 2015 marked the final such occasion when the cryptocurrency racked up 9 straight days of features. It subsequently went on to generate features of almost 6,000 p.c! The opposite two situations embody the fifteenth of October 2013, when Bitcoin closed within the inexperienced for ten days in a row after which went on to rally over 700 p.c, and the nineteenth of November 2012, when the cryptocurrency racked up 11 straight days of features after which proceeded to generate over 2,000 p.c return over the following few weeks and months. Readers ought to go over this Reddit thread for additional perception.
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