If you don’t know your Ethereum from your Litecoin you might have missed a couple of big news stories developing in the world of cryptocurrency. Bitcoin, a cryptocurrency launched in 2008, reached a record high price against the US dollar earlier this year, on the 9th January one coin would cost you $40,257 USD. This rise has been rapid; on the 1st January 2020 one Bitcoin cost $7,200.17 USD, just a year later, the price of 1 Bitcoin on the 1st January 2021 was $32,203.64 USD.
When news broke last year that South Africa cryptocurrency trading platform Luno was acquired by Digital Currency Group for an undisclosed sum, it is fair to say that cryptocurrencies had well and truly grown from out of the remit of speculators and early adopters and into the mainstream. In what may well be a watershed moment for cryptocurrency, Tesla announced via an SEC filing on the 8th February 2020 that it had bought $1.5 billion USD of Bitcoin. Additionally, the company announced that it was keen to begin accepting bitcoin as a form of payment for its products.