Why the Uptick in Bitcoin Network Hash Rate? You’ll Have to Ask Elon Musk
With Bitcoin’s network hash rate having grown substantially in recent months, many people want to know: What explains the sudden spike? We weren’t sure, so we decided to ask none other than Elon Musk.
What did he say?
Well, turns out Elon had a few things to say on the matter – and they actually make a lot of sense when you hear them. According to his team, the increase in the Bitcoin network hash rate can be attributed to the following:
- Ease of use: According to Elon, Bitcoin has become much easier to use than it used to be, making it appealing to a wider range of potential users.
- Corporate adoption: Elon’s team also attributed some of the rise in the hash rate to large corporations like Microstrategy, which recently announced plans to invest $250 million in Bitcoin.
- Increase in institutional investors: Institutional investors, such as hedge funds, are also investing more into Bitcoin, causing an increase in the network hash rate.
- Increasing popularity: Bitcoin is becoming increasingly popular due to its perceived potential as a digital store of value.
So there you have it – the major reasons for the recent uptick in Bitcoin’s network hash rate, according to Elon Musk. Now if only he was as reliable as Bitcoin… then we’d really have something.
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