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July 28, 2021

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Bitcoin gets a boost from big tech

Source: AFP | 00:05 UTC+8 July 28, 2021 | Print Edition

Tesla, Twitter and maybe Amazon: Big tech companies are interested in bitcoin and it could take off again after several weeks of laying low.

Bitcoin soared close to US$40,000 on Monday after electric carmaker Tesla expressed fresh support for the world’s most popular cryptocurrency.

It leapt 15 percent in Asian trade to a one-month high at US$39,681, buoyed also by reports that United States retail titan Amazon was mulling the use of crypto technology.

Bitcoin later eased back to US$38,880 in European deals.

Analysts said the sudden jump was the result of several developments.

The US investment group Ark Invest organized last week what it called “The B Word,” an event aimed at promoting the virtual currency. The group had Tesla founder Elon Musk and Jack Dorsey of Twitter reaffirm their interest in bitcoin.

Musk has been ambivalent about the digital currency, sometimes singing its praises, while also expressing concern about its environmental impact.

This time he said Tesla would likely start accepting bitcoin as payment.

Bitcoin had shot up by 290 percent over a one-year period to an all-time high of almost US$65,000 in April, before falling back by about 40 percent.

“The bulls are back in town, and this time they are back with a vengeance,” said Naeem Aslam, an analyst at AvaTrade.

The second development that caused a social media buzz was a posting by Amazon for a job related to digital currencies and blockchain strategy.

“Bitcoin is flying once again and it would appear the credit is going to Amazon, or more specifically a job posting at the company,” said Craig Erlam, an analyst at brokerage Oanda.

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