An update on Bitcoin
|Bitcoin took another downturn again today.
After trading over $50,000 the past two weeks, the currency fell just above $46,000 today.
The currency dropped 15 per cent on the trade market.
Experts say the drop is because of comments about the currency by U.S. Treasury Secretary, Janet Yellen and co-founder of Microsoft Bill Gates.
Earlier this week, the CEO of SpaceX, Elon Musk, expressed his concerns about Bitcoin on twitter.
The currency dropped sharply yesterday as a result of Musk's tweet.
Yellen said at a New York Times conference that Bitcoin is an extremely inefficient way of conducting transitions.
Gates said in an interview this week that he wasn't a fan of Bitcoin and warned retail investors not to get swept up in speculative manias.
It is worth noting that Tesla Inc, who recently added Bitcoin to their balance sheet, had a bad day on the stock market today.
Tesla Inc.'s shares fell nine per cent, U.S. $650.
The news about Bitcoin's drop in price is probably the reason for Tesla Inc.'s downturn on the stock market today.