Bitcoin Blasted Above $50,000 Today, Causing Riot blockchain Stock to Soar as Well
More and more, Bitcoin is becoming accepted by major companies, suggesting it is well on its way to mainstream adoption.
catalysts that are pushing bitcoin price up:
- Mastercard (NYSE:MA) announced that it will allow cryptocurrencies on its payments network before the end of 2021.
- Bank of New York Mellon (NYSE:BK) will also start supporting its clients' Bitcoin needs, according to The Wall Street Journal.
If these truly are the early signs of the so-called phase four of Bitcoin's adoption, then demand could keep growing for Bitcoin throughout 2021.
Demand is growing, and that's why the price of Bitcoin has soared in recent months.
And many investors believe a good way to play this trend is by buying Bitcoin-mining stock like $RIOT blockchain. . Riot blockchain get essentially paid in Bitcoin for providing computing power to the blockchain network. And investors believe revenue and profits will soar with the rising price of Bitcoin.
Moreover, investors are getting excited to see Riot blockchain amping up their computing power (known as their hashrate) because some assume this means the company will be able to mine more tokens.
Riot Blockchain announced it's deploying new equipment over the next week that will take its hashrate to over one exa-hash per second (EH/s). That's quite a lot, and it's an increase of 26% from where it is right now. But investors shouldn't assume that means the company will mine 26% more Bitcoin.
More and more, Bitcoin is becoming accepted by major companies, suggesting it is well on its way to mainstream adoption.
catalysts that are pushing bitcoin price up:
- Mastercard (NYSE:MA) announced that it will allow cryptocurrencies on its payments network before the end of 2021.
- Bank of New York Mellon (NYSE:BK) will also start supporting its clients' Bitcoin needs, according to The Wall Street Journal.
If these truly are the early signs of the so-called phase four of Bitcoin's adoption, then demand could keep growing for Bitcoin throughout 2021.
Demand is growing, and that's why the price of Bitcoin has soared in recent months.
And many investors believe a good way to play this trend is by buying Bitcoin-mining stock like $RIOT blockchain. . Riot blockchain get essentially paid in Bitcoin for providing computing power to the blockchain network. And investors believe revenue and profits will soar with the rising price of Bitcoin.
Moreover, investors are getting excited to see Riot blockchain amping up their computing power (known as their hashrate) because some assume this means the company will be able to mine more tokens.
Riot Blockchain announced it's deploying new equipment over the next week that will take its hashrate to over one exa-hash per second (EH/s). That's quite a lot, and it's an increase of 26% from where it is right now. But investors shouldn't assume that means the company will mine 26% more Bitcoin.