/ 15 February 2021

Riding the cryptocurrency wave

Bitcoin is so hot right now… Its value has surged in recent months, hitting US$48,900 yesterday – not far off its all-time high-value mark. Last week, quirky entrepreneur Elon Musk’s company Tesla said it had scooped up US$1.5 billion in the currency as an alternative to holding its cash in traditional currencies. And major credit card company Mastercard and America’s oldest bank BNY Mellon are also on board… But it’s not all motivated by wealth accumulation with top tweeter Jack Dorsey and music industry mover and shaker Jay Z announcing a bitcoin development fund. No, they aren’t helping young bitcoins to be their best selves… It’s a philanthropic venture to benefit good causes in Africa and India – and it’s built on an initial investment of 500 bitcoin (worth about US$24 million).

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