Anand Mahindra has been one of the famous businessmen of India for a very long time, as he is currently the chairperson of Mahindra. Anand Mahindra was rumoured to be investing a considerable amount in bitcoin.
Bitcoin is a computer token, and we can create bitcoin units with bitcoin mining. Bitcoin miners are making massive money by just sitting at their homes. Since bitcoin does not exist in the real world, there are some possibilities and risks.
Mahindra is one of the biggest tech as well as the motor group of India; since every multinational company and the renowned firm is now investing their resources in bitcoin, it led to speculations of Mahindra investing a considerable amount in bitcoin.
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Annand Tweeted Fake news on saying Annand latest investment leaves big banks terrified.
Anand Mahindra is a great businessman and chief of the Mahindra group. Recently a news channel virtually published an article stating Anand Mahindra has invested a considerable amount in bitcoin that leaves the big banks terrified.
Irish time’s news published this article, and to this, Anand Mahindra recently reacted. Annand Mishra addressed such news as very dangerous and unethical. All the more, he clearly stated that this news is entirely fraudulent and fabricated. Annand Mishra has not invested any rupees in the cryptocurrency industry. However, this does not state Annand Mishra does not support cryptocurrencies.
Is this the first time anyone published fake news of Anand Mahindra Investing Money in Bitcoin?
It is not the first time someone has fabricated such fraudulent news. In September 2021, he reacted to one more fake news stating Annand Mishra is investing his valuable money in bitcoin. According to him, the core notion of social media is to share knowledge. Therefore, Anand Mahindra is putting the best foot forward to address and call out this fake news. In a nutshell, no, it is not the first time he confronted fake news about his bitcoin investment.
How does this fake news impact the cryptocurrency market?
Cryptocurrencies serve a double purpose as these are virtual assets and digital currencies at the very same time. Many organizations and companies are now offering bitcoin and other cryptocurrency payments, as these payments are entirely decentralized.
Everyone is familiar with the fact that the cryptocurrency market is utterly volatile, and the price of these currencies depends on several factors. Some prominent factors include supply and demand and press news regarding the cryptocurrency industry. In addition, news regarding bitcoin and other cryptocurrencies influences this digital currency’s store value in an enormous amount.
Suppose someone published news of Ratan Tata investing billions of dollars in bitcoin. It will influence the followers of Ratan Tata to invest in bitcoin, which will lead to a sudden surge in the store value of bitcoin. Undeniably, positive fake news regarding bitcoin will lead to an incline in bitcoin price, but such practices are completely unethical, dangerous, and illegal in some regions.
Why is the store value of bitcoin volatile?
The store value of bitcoin or any other cryptocurrency is highly volatile. These cryptocurrencies are at an exceedingly emerging stage in contrast to other investment assets and trading tools. Some of the factors responsible for the high volatility of bitcoin or any cryptocurrency include utility, Scarcity, and whales.
Scarcity is characterized by the supply and demand of a token. Since bitcoin has a finite supply and is dying every day, the demand for bitcoin is increasing tremendously; this is one of the prominent reasons why bitcoin is the leading cryptocurrency of all.
Bitcoin Whales are the bitcoin wallets holding many bitcoin units for a very long time. These whales, out of nowhere, suddenly transfer bitcoin worth billions of dollars in their bank account and turn the entire cryptocurrency industry upside down in a single go.
The utility of cryptocurrency is likely to increase the price. In addition, more people will use cryptocurrencies as an actual currency rather than just holding it. As a result, the real-life applications of cryptocurrencies will also increase.