What to Know About Bitcoin as It Approaches $70,000 | Business News | Investment

Conversely, Tim Cook, Apple chief executive, said during the New York Times DealBook Online Summit on Tuesday that he has bought cryptocurrencies. “I think it’s reasonable to own it as part of a diversified portfolio.”

What is bitcoin, and should you invest now?

Bitcoin is a decentralized form of payment intended to eliminate the need for intermediaries like banks and governments. Unlike fiat money (like the U.S. dollars in your bank account) that is government-backed and regulated, bitcoin is powered by a combination of peer-to-peer technology and software-driven cryptography to create a currency backed by code.

Bitcoin is just one of many cryptocurrencies, though it’s by far the largest. Other prominent cryptocurrencies include ethereum and solana. There are also dog-themed cryptocurrencies, including dogecoin and shiba inu, the latter of which saw a massive surge in October 2021, which many attributed to tweets from Tesla CEO Elon Musk. Shiba inu coin is up about 72,000,000% in value over the past year as of press time.

Cryptocurrencies can be purchased from online crypto exchanges, such as Coinbase and Gemini, or through select online brokers, like SoFi and Robinhood. In addition, some cash and payment apps, including Venmo and CashApp, also offer access to a limited selection of cryptocurrencies.