World
Bitcoin Breaks Record Surging Past $60,000
Bitcoin – which has more than tripled in value since the end of last year – has been powered on by well-known companies adopting it as a method of payment.
But some analysts said this latest surge came in part due to the huge US stimulus package approved this week.
Bitcoin’s total market value last month exceeded $1tn.
However, Bitcoin has a track record of wild price swings and has fallen sharply a number of times since it was created in 2009.
The recent spikes have been fuelled by big companies.
In February, Elon Musk revealed that his electric carmaker Tesla had bought $1.5bn worth of Bitcoin and would be accepting it as payment for its cars in future.
Mastercard also plans to accept certain cryptocurrencies as a form of payment while BlackRock, the world’s largest asset manager, is exploring ways it can use the digital currency.
The Covid-19 pandemic has also played its part in Bitcoin’s price rise, as more people go online for shopping, moving further away from physical coins and notes.
Critics argue Bitcoin is less of a currency and more of a speculative trading tool that is open to market manipulation.
There is also concern over its environmental impact, with huge amounts of energy needed to conduct transactions.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
THE GHOST AT ELYSEE PLAZA: How Ghanaian Businessman Erick Agbeko Built a Two-Decade Empire of Land Fraud in Kenya
Njuca Consolidated, Three Firms Faces Auction of 65 Properties Over Crippled Cash Flow
Why Absa Bank Is On The Spot For Enabling Sh150 Million Alleged Insider Fraud In Vetlab Club
Somalia’s Disputed President Allegedly Siphons Up to $6 Million Monthly from Kenyan Miraa Trade, Sharing the Spoils with Nairobi’s Shadow Cartels
Ahmed Adan Hefow: Governor Otuoma’s Trusted Right-Hand Man at the Centre of Busia’s Deepening Finance Scandal
Karua Detained at Entebbe as Uganda Blocks Besigye Lawyer From Entering Country
How KCB and Airtel Turned Kenya’s Unbanked Into a Data Goldmine Behind a ‘Financial Inclusion’ Deal
The Chivayo Network: How a Convicted Fraudster Won Access to Presidents, Passports and Billion-Dollar Deals Across Africa
BURRIED TWICE: The Victoria Bank CEO Yogesh Pattni Files
Court Stops Transfer Of EABL Shares To Asahi By Diageo In A Fresh Snag
Businessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
Inside NCBA’s Decline: How a Banking Giant Lost Its Strategic Edge
Cement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
South Sudan: Adut Salva Kiir’s Shadow Treasury Exposed
Standard Chartered Ghosts Haunt Joshua Oigara At Stanbic As Whistleblower Spills Beans
Inside The Urban Planning Cartel That Owns Nairobi
THE VULTURE AND THE SCHEME How Nairobi West Hospital Became the Most Dangerous Institution in Kenya’s SHA Ecosystem and Why the Books Must Be Audited Now
The President’s Daughter and The Missing Witness: How Adut Salva Kiir’s Shadow Treasury Silenced Its Most Dangerous Critic
How Adil Popat Saved His Empire On The Eve Of Imperial Bank Collapse and Why Kenya’s Mainstream Media Buried The Story
Why John Ngumi Is Running From the EACC and Why the Sh415 Million Payday May Be the Least of His Worries
-
News1 week agoBusinessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
-
Business2 weeks agoInside NCBA’s Decline: How a Banking Giant Lost Its Strategic Edge
-
Africa2 weeks agoSouth Sudan: Adut Salva Kiir’s Shadow Treasury Exposed
-
Business2 weeks agoStandard Chartered Ghosts Haunt Joshua Oigara At Stanbic As Whistleblower Spills Beans
-
Investigations4 days agoTHE VULTURE AND THE SCHEME How Nairobi West Hospital Became the Most Dangerous Institution in Kenya’s SHA Ecosystem and Why the Books Must Be Audited Now
-
Africa2 weeks agoThe President’s Daughter and The Missing Witness: How Adut Salva Kiir’s Shadow Treasury Silenced Its Most Dangerous Critic
-
Business2 weeks agoHow Adil Popat Saved His Empire On The Eve Of Imperial Bank Collapse and Why Kenya’s Mainstream Media Buried The Story
-
Business2 weeks agoWhy John Ngumi Is Running From the EACC and Why the Sh415 Million Payday May Be the Least of His Worries