Tag: Bitcoin

Wall Street racked up more losses Wednesday as the stock market pulled back for the third straight day. The broad sell-off went beyond stocks, with the price of Bitcoin and other cryptocurrencies falling sharply.

The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time.

Tesla has invested around $1.5 billion in Bitcoin and said it plans to begin accepting the digital currency as payment for its high-end vehicles soon. The price of Bitcoin soared 15% to above $43,000 Monday.

There’s a widespread belief that the exorbitant quantity of money the Federal Reserve is pouring into the U.S. economy must eventually mean the return of high inflation. After all, if there’s lots more money but no more stuff to buy, prices must rise, mustn’t they? So the prospect of Judy Shelton – known for her support of the gold standard – joining the Fed’s Board of Governors is raising the hopes of those who want the Fed to be stripped of its money creation powers.