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In the past few days, bitcoin has been soaring higher than its usual although China had tried banning it for another time yet again. El Salvador is also becoming a legal tender of Bitcoin. In this article, I will explain why Bitcoin is suddenly soaring today and what El Salvador and the media have to do with it.
Right now as of 10/12/21 at the time I am writing this article Bitcoin is trading at about 56,200 dollars, much higher than what it was around a week and a half ago. On the first of October El Salvador released to the press that it just mined a bitcoin using geothermal energy. This took the price of Bitcoin up from 44 thousand to 47 thousand. Everyone was excited about this (well most people) which basically lead to a mini pump by the media.
Added the fact that is renewable Bitcoin was sure to rise in value. This is not the first time that El Salvador was involved in Bitcoin, however. On September the 7th Bitcoin become a legal currency in El Salvador and the price of Bitcoin rose again.
The media can really change the price of Bitcoin. It's well established that the more people that want to buy crypto the higher the demand thus raising the price. If someone really known posts about Bitcoin many people are going to buy in taking the price up. For example when Elon Musk was pumping dogecoin.
El Salvador can be a really good pivoting point for Bitcoin as it gets the media more and more comfortable with the coin. We could start to see more countries and people start to adopt Crypto and Bitcoin which can really prove that it is not a bubble. Based on what we see now crypto may have a chance of having a future.