Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
In a recent podcast with Joe Rogan, Kanye West speaks about crypto and Bitcoin. The famous American rapper says Bitcoin is the true liberation of humanity and America. Apart from being a rapper, running a clothing brand, Kanye is also running for Presidential Election 2020.
We love to see it! pic.twitter.com/8x6t8Wvicn
— Bitcoin Magazine (@BitcoinMagazine) October 24, 2020
In the podcast, Kanye calls Bitcoin a new frontier of our existence and how the “tech guys” are using new information highways to make it possible. He speaks highly of tech innovations and entrepreneurship spirits, mentioning Tesla, Airbnb, Uber, etc. This is not the first time Kanye West has mentioned Bitcoin. In 2018. Kanye mentions Bitcoin while showing his disappointment with the $20 bill, making him want to use Bitcoin instead. This was about the picture of political activist Harriet Tubman on the bill, which reminded Kanye of slavery.
However, Kanye has not always been liberal about his name being attached to cryptocurrencies. In 2014, the rapper filed a lawsuit and won against an altcoin’s creators named after him – Coinye. That resulted in Coinye shutting down their operations.
Rising Bitcoin awareness
Whereas the crypto community is happy with the awareness, Bitcoin is getting a mention from the popular celebrity. Hoping it would lead to more awareness and benefits of cryptocurrencies, hence the mass adoption. There’s no doubt the awareness about cryptocurrencies is rising day by day. We saw the unprecedented rise of cryptocurrency transactions in India during the lockdown period. Jack Dorsey, CEO of Twitter, promoted Bitcoin donations earlier this month during Nigerian protests against police brutality. Dorsey’s payment company Square has also invested $50 million in Bitcoin.
Bitcoin rally beyond $13k
On the other hand, unrelated to this news, Bitcoin has been trading at 2020’s highest price – $13k. The Bitcoin’s price rally started with the news of PayPal accepting cryptocurrencies and leading to the price being stable at $13. It’s worth pointing out that it will give approximately 346 million users access to buy and sell cryptocurrencies right from their Paypal account.