Why did Bitcoin’s price jump?
FOR a second time Bitcoin's market value surpassed the $1trillion mark on Tuesday, March 9, as the price of the cryptocurrency recent decline regained some momentum.
The price of Bitcoin jumped again after .
The total value of the world's biggest digital coin now stands at $1.1 trillions, data show.
It's only the second time that Bitcoin's value has surpassed the $1trillion mark after it previously hit the milestone for the first time on February 19.
However, Bitcoin's market capitalization held above $1trillion for a few days, before tumbling by 10 percent the following week.
On Sunday, March 7, a Chinese appmaker called Meitu said that it had invested in Bitcoin and Ether.
Ether, a cryptocurrency which runs on the Ethereum network, was trading at $1,836.73 at around 10:41am Singapore time, up nearly 7 percent from a day before, according to .
“Bitcoin uses more electricity per transaction than any other method known to mankind,” Gates told The , adding, “It’s not a great climate thing.”
And given the way Bitcoin works, the more popular it becomes, the larger its carbon footprint grows.
However, Gates left the door open to having his mind changed on the cryptocurrency.
“If it’s green electricity and it’s not crowding out other uses, eventually, you know, maybe that’s OK.”
Speaking to , Gates revealed that he fretted traders without much cash to spare are taking a huge financial risk.
Gates – the world's third richest man behind Tesla owner and Amazon founder – warned of getting swept up in the "mania" surrounding Bitcoin.
"Elon has tonnes of money and he's very sophisticated, so I don't worry that his Bitcoin will sort of randomly go up or down," the 65-year-old said.
READ MORE SUN STORIES
"I do think people get bought into these manias who may not have as much money to spare.
"My general thought would be that if you have less money than Elon, you should probably watch out."