Why Do Cryptocurrencies Fluctuate? Delving Into the World of Virtual Asset Dynamics

Personal Finance

Have you ever wondered why the value of cryptocurrencies like Bitcoin and Ethereum can change so drastically? One day they're soaring to new heights, and the next they plummet to rock bottom. It's a rollercoaster ride that has left many people scratching their heads. In this article, we will delve into the world of virtual asset dynamics to understand why cryptocurrencies fluctuate the way they do. But before we dive into the details, let's first grasp the concept of blockchain technology.

Understanding Blockchain Technology

Blockchain technology is the foundation on which cryptocurrencies are built1 . It is a decentralized and transparent ledger that records all transactions made with a particular cryptocurrency.

To put it simply, a blockchain is a chain of blocks, where each block contains a list of transactions. These transactions are verified and added to the blockchain through a consensus mechanism, such as proof of work or proof of stake2 .

With traditional financial systems, there is a central authority, such as a bank, that verifies and keeps track of transactions. However, blockchain technology eliminates the need for a central authority by using a distributed network of computers, called nodes, to validate transactions and maintain the integrity of the blockchain3 .

The decentralized nature of blockchain technology provides several benefits. Firstly, it enhances security. Each transaction in the blockchain is encrypted and linked to the previous transaction, making it extremely difficult to modify or tamper with the records. This makes it highly secure and resistant to fraud4 .

Secondly, blockchain technology provides transparency. Since every transaction is recorded on the blockchain, anyone can view the details of the transaction. This openness ensures accountability and reduces the risk of corruption or manipulation5 .

Thirdly, blockchain technology offers faster and cheaper transactions. Traditional financial systems often involve intermediaries and third parties, which can result in delays and added costs. With blockchain technology, transactions are verified and settled directly between the parties involved, eliminating the need for intermediaries and reducing transaction costs6 .

Satoshi Nakamoto, the unknown creator of Bitcoin, the first cryptocurrency, described the potential of blockchain technology by saying, "The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value7 ."

Blockchain technology has gone beyond its initial use in cryptocurrencies and has found applications in various industries. These include supply chain management, healthcare, voting systems, and more8 .

By understanding the basics of blockchain technology, we can begin to grasp the underlying mechanisms of cryptocurrencies and appreciate their potential.

a close-up of some machinery
Photo by iSawRed on Unsplash

The Influence of Government Regulations

Government regulations play a significant role in shaping the value and dynamics of cryptocurrencies. As a decentralized and borderless form of currency, cryptocurrencies often find themselves at the mercy of varying regulatory approaches across different countries. This has a direct impact on their market sentiment and, consequently, their prices.

When governments introduce favorable regulations, it can boost confidence and attract more investors to the cryptocurrency market. This, in turn, can lead to increased demand and higher prices. On the other hand, strict or unfavorable regulations can have the opposite effect, creating uncertainty and reducing market participation.

One example of government regulations influencing cryptocurrency prices is the case of China. In September 2017, the Chinese government banned Initial Coin Offerings (ICOs) and shut down cryptocurrency exchanges in the country. This led to a significant drop in the prices of cryptocurrencies such as Bitcoin and Ethereum as investors panicked and sold off their holdings. The impact of this event was felt globally, highlighting the influence of government actions on the cryptocurrency market.

Government regulations can also have a positive impact on the growth and development of cryptocurrencies. When regulations are designed to ensure consumer protection, prevent illegal activities, and promote transparency, it fosters a more secure and trustworthy environment for investors. This can attract institutional investors and large corporations, leading to increased adoption and higher prices.

For instance, in 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender. This move by the government not only gave a legal framework to cryptocurrencies but also brought them into the mainstream, leading to a surge in Bitcoin's price.

However, not all government regulations are created equal, and their impact on cryptocurrencies can be highly variable. In some cases, excessive regulations and strict oversight can stifle innovation and hinder the growth of the cryptocurrency market. It is important for governments to strike a balance between protecting investors and fostering innovation.

As the cryptocurrency market continues to evolve, governments around the world are grappling with the challenge of regulating this new form of digital assets. This is a complex task that requires thoughtful consideration and collaboration between regulatory bodies, industry experts, and market participants.

In the words of Chris Larsen, co-founder of Ripple, "Regulatory clarity leads to market maturation, but it's a difficult dance to get that right. I think we're still very early in that".

The Role of Media Hype & FUD in Cryptocurrency Prices

The ever-changing world of cryptocurrency is heavily influenced by media hype and FUD (Fear, Uncertainty, and Doubt). The media plays a significant role in shaping public perception and can have a profound impact on cryptocurrency prices. The sensationalism and exaggerated reporting can easily sway investors and cause price fluctuations in the market.

Media Hype: Building Excitement and Stirring FOMO

Media hype refers to the excessive promotion and amplification of positive news and developments surrounding cryptocurrencies. It often aims to create excitement and build hype around certain cryptocurrencies, enticing investors to jump on the bandwagon. This can lead to a surge in demand and subsequently drive up the prices of these cryptocurrencies.

One prominent example of media hype is the rise of Bitcoin in late 2017. As the mainstream media started covering Bitcoin extensively, its price skyrocketed, reaching an all-time high of nearly $20,000 in December of that year. The media frenzy created a sense of urgency among investors, fueling the fear of missing out (FOMO) and prompting many to invest hastily without fully understanding the risks involved.

FUD: Spreading Fear, Uncertainty, and Doubt

On the other end of the spectrum, media outlets may also engage in spreading FUD, which aims to create fear, uncertainty, and doubt in the minds of cryptocurrency investors. Negative news, sensationalist headlines, and exaggerated reports can all contribute to the spread of FUD.

For example, when regulatory bodies express concerns or introduce stricter regulations around cryptocurrencies, the media often amplifies the news and highlights the negative implications. This can cause panic among investors, leading to a rapid sell-off and a subsequent drop in cryptocurrency prices.

Navigating Through the Noise

While media hype and FUD can have a significant impact on cryptocurrency prices, it is crucial for investors to approach the news with a critical mindset and not be led solely by sensationalism. Warren Buffett, one of the most successful investors in the world, advises investors to be cautious and not get swayed by media hype, saying: "Be fearful when others are greedy and greedy when others are fearful."

It is important to conduct thorough research, seek multiple viewpoints, and consider the long-term fundamentals of a cryptocurrency rather than making impulsive decisions based on media reports. As Peter Lynch, another legendary investor, said: "Invest in what you know". By focusing on understanding the underlying technology and the potential real-world applications of a cryptocurrency, investors can make more informed decisions and avoid falling victim to media-induced price swings.

In conclusion, media hype and FUD play a substantial role in the fluctuation of cryptocurrency prices. The media has the power to ignite excitement, create fear, and influence investor sentiment. As an investor, it is crucial to stay diligent, think critically, and not let the media sway your investment decisions. Remember, investing in cryptocurrencies should be based on sound research and a solid understanding of the underlying technology, rather than being driven by media frenzy.

newspaper money
Photo by Mathieu Stern on Unsplash

The Impact of Market Demand & Supply on Crypto Prices

One of the key factors behind the fluctuation in cryptocurrency prices is the balance of market demand and supply. Just like any other marketplace, the prices of cryptocurrencies are influenced by the forces of supply and demand. When there is a high demand for a particular cryptocurrency and the supply is limited, the prices surge. Conversely, when the supply exceeds the demand, the prices tend to drop.

The concept of supply and demand is not unique to cryptocurrencies. We can find its effects in many other financial markets as well. However, the decentralized nature of cryptocurrencies makes this relationship even more prominent. The price of a cryptocurrency is determined solely by the number of people willing to buy and sell it.

As a simple way to understand the impact of market demand and supply on crypto prices, imagine a scenario where a limited number of tickets are available for a highly anticipated concert. When the ticket demand exceeds the supply, people are willing to pay higher prices to secure a ticket. On the other hand, if there are more tickets than people interested in attending the concert, the prices will decrease to incentivize buyers.

Cryptocurrencies work in a similar way. When there is a high demand for a cryptocurrency, investors are willing to pay a higher price to own it. This increased demand can stem from a variety of factors, such as positive news, technological advancements, or even market speculation. Similarly, when there is a decrease in demand or an increase in supply, the prices of cryptocurrencies tend to decrease.

Furthermore, the relatively small market capitalization of cryptocurrencies also makes them more susceptible to rapid price changes. Compared to traditional financial markets, the cryptocurrency market is still relatively small. This means that even a small change in supply or demand can have a significant impact on the prices.

As such, it is essential for investors and traders to closely monitor market trends and developments to understand the impact of market demand and supply on crypto prices. By keeping an eye on factors that can influence demand, such as news events, technological advancements, and market sentiment, investors can make more informed decisions.

In conclusion, the fluctuation in cryptocurrency prices is largely influenced by the balance of market demand and supply. When there is high demand and limited supply, prices tend to surge, while an excess supply or lack of demand leads to price decreases. It is crucial for investors to understand these dynamics and stay updated on market trends to navigate the volatile world of cryptocurrencies.

Speculative Trading & Its Effects on Cryptocurrencies

One of the most intriguing aspects of cryptocurrencies is the element of speculation. Speculative trading refers to the practice of buying and selling cryptocurrencies with the hope of making a profit based on the anticipated future price movements. This type of trading is fueled by the desire to capitalize on the market volatility that cryptocurrencies are known for. However, the effects of speculative trading on cryptocurrencies extend far beyond the simple buying and selling frenzy.

The Roller Coaster Ride

The world of speculative trading can be likened to a roller coaster ride, filled with thrilling highs and heart-stopping lows. As prices fluctuate wildly, driven by speculative trades, both individual investors and the market as a whole experience significant swings in fortunes. It is not uncommon for the value of a cryptocurrency to double or even triple within a matter of days, only to plummet just as quickly. This volatility can be attributed to speculative trading and its impact on the overall market sentiment.

The Psychology Behind Speculative Trading

Speculative trading in cryptocurrencies is largely driven by human psychology. Fear of missing out (FOMO) and fear of loss drive investors to buy into the hype, hoping to strike it rich. This herd mentality can quickly lead to irrational exuberance, driving up prices to unsustainable levels. However, when sentiment changes and the fear of loss takes over, panic-selling ensues, resulting in a sudden and sharp decline in prices.

The Domino Effect

The effects of speculative trading on cryptocurrencies are not limited to the immediate price movements. The inherent volatility of the market, exacerbated by speculative trading, can have a domino effect on other sectors of the economy. Stock markets, for instance, can be rattled by the sudden surge or collapse of cryptocurrency prices. This interplay between traditional financial markets and the world of cryptocurrencies highlights the interconnectedness of these seemingly disparate spheres.

Quotes from the Experts

Renowned investor Warren Buffett, known for his cautious approach to investments, once said, "Speculation is the enemy of rational investing. It tempts us to make decisions based on emotions rather than logic." This statement encapsulates the risks associated with speculative trading in cryptocurrencies. While the potential for quick profits may be alluring, it is crucial to approach trading with a rational mindset and a clear understanding of the underlying fundamentals.

Speculative trading plays a significant role in the fluctuation of cryptocurrencies. The frenzied buying and selling driven by human psychology can lead to extreme price volatility, creating a roller coaster ride for investors. Moreover, the impact of speculative trading is not limited to the cryptocurrency market alone, as it can spill over into traditional financial markets. It is important for investors to exercise caution and rationality in their approach to speculative trading, bearing in mind the wise words of Warren Buffett.

a group of dices floating on top of a body of water
Photo by Shubham Dhage on Unsplash

Technological Developments within Cryptocurrency World

Cryptocurrencies have come a long way since the inception of Bitcoin in 2009. Over the years, there have been significant technological developments within the cryptocurrency world that have shaped the landscape of virtual assets. These developments have not only improved the security and functionality of cryptocurrencies but have also played a role in their value and adoption.

Improvement in Blockchain Technology

One of the most notable technological developments within the cryptocurrency world is the advancement in blockchain technology. Blockchain, the underlying technology behind cryptocurrencies, is a decentralized ledger that records all transactions in a transparent and immutable manner. However, the early versions of blockchain technology faced scalability and security challenges. But with time, improvements have been made that have addressed these issues.

Today, we have seen the development of faster and more scalable blockchains like Ethereum. These advancements have not only brought more efficiency to the cryptocurrency world but have also paved the way for the development of decentralized applications (dApps) and smart contracts. This has opened up a whole new realm of possibilities beyond just financial transactions, making cryptocurrencies more versatile and valuable.

Rise of Stablecoins

Another significant development in the cryptocurrency world is the rise of stablecoins. Stablecoins are cryptocurrencies that are pegged to a stable asset, such as a fiat currency like the US dollar. These digital assets aim to provide stability and mitigate the volatility that is often associated with cryptocurrencies.

Stablecoins have gained popularity due to their ability to maintain a stable value and serve as a medium of exchange and store of value. This has made them appealing for daily transactions and as a safe haven during times of market turbulence. The introduction of stablecoins has increased the confidence of individuals and businesses in the cryptocurrency market, further driving the adoption and growth of virtual assets.

Enhanced Security Measures

As the cryptocurrency market has grown, so have the concerns about security. In the early years, there were notable incidents of hacks and thefts, which led to a lack of trust in cryptocurrencies. However, technological developments have played a crucial role in enhancing the security measures within the cryptocurrency world.

Today, we have seen the emergence of robust security protocols and advancements in cryptography. For example, the development of multi-signature wallets, hardware wallets, and cold storage options have provided users with greater control and protection over their digital assets. These security measures have instilled confidence in individuals and institutions, making cryptocurrencies a more secure investment option.

Increased Scalability and Interoperability

Scalability has been a significant challenge for cryptocurrencies, particularly in handling a high volume of transactions. However, technological developments have addressed this concern by introducing solutions like the Lightning Network for Bitcoin and the development of layer two protocols for Ethereum. These solutions have improved transaction speed and reduced transaction fees, making cryptocurrencies more practical for everyday use.

Furthermore, interoperability between different blockchain networks has been a focus of technological developments. Projects like Polkadot and Cosmos aim to create a cross-chain ecosystem that allows different blockchains to communicate and interact with each other. This interoperability opens up new possibilities for innovation and collaboration within the cryptocurrency world.

Technological developments within the cryptocurrency world have brought significant improvements to the functionality, security, and scalability of virtual assets. From the advancement in blockchain technology to the rise of stablecoins and enhanced security measures, these developments have shaped the cryptocurrency landscape. As these technologies continue to evolve, we can expect further improvements that will drive the adoption and value of cryptocurrencies.

The Impact of Major Financial Events on Crypto Values

When it comes to cryptocurrencies, there is no denying that major financial events can have a significant impact on their values. Just like traditional financial markets, the world of cryptocurrencies is not immune to the influence of external factors.

One of the key factors that can affect the value of cryptocurrencies is global economic events. For example, during times of economic uncertainty or when there is a financial crisis, investors often seek safe-haven assets to protect their wealth. In such situations, cryptocurrencies like Bitcoin have been seen as an alternative investment option.

"During uncertain economic times, when the global financial markets suffer, cryptocurrencies like Bitcoin may serve as a store of value for investors looking to hedge their bets."

Furthermore, major financial events such as interest rate changes by central banks or fluctuations in currency exchange rates can also impact the value of cryptocurrencies. These events can create ripples in the traditional financial markets, leading to a domino effect on the cryptocurrency market.

Media coverage of major financial events can also play a role in shaping the perception and value of cryptocurrencies. Positive news such as the acceptance of cryptocurrencies by mainstream financial institutions or regulatory developments can lead to increased investor confidence and consequently, a rise in prices.

On the other hand, negative news or fear, uncertainty, and doubt (FUD) can have an adverse effect on crypto values. The impact of social media and online influencers also cannot be underestimated when it comes to shaping public perception and influencing investor behavior.

"Media hype and the spread of FUD can cause wild price swings in the cryptocurrency market. It's essential for investors to stay informed and not let emotions drive their decision-making."

Supply and demand dynamics within the cryptocurrency market also come into play during major financial events. If there is a sudden surge in demand for cryptocurrencies, prices will likely rise. Conversely, if there is a lack of demand, prices may experience a downturn.

In addition to the factors mentioned above, the overall sentiment of the market and investor psychology can also greatly impact the value of cryptocurrencies during major financial events. In times of market optimism, prices may skyrocket due to increased speculation and FOMO (fear of missing out). Similarly, during periods of market pessimism, prices may plummet as investors rush to sell their holdings.

"Investing in cryptocurrencies requires careful consideration of market sentiment and disciplined decision-making. Emotional reactions to major financial events can lead to hasty and costly investment decisions."

In conclusion, the impact of major financial events on the value of cryptocurrencies cannot be underestimated. From economic factors to media coverage, supply and demand dynamics to investor sentiment, multiple factors come into play. As an investor, it is crucial to stay informed, remain rational, and consider the broader financial landscape when navigating the volatile world of cryptocurrencies.

a close up of a computer screen with a chart on it
Photo by Dylan Calluy on Unsplash

Crypto Adoption and Its Impact on Values

Cryptocurrency adoption has been on the rise in recent years, with more and more people and businesses embracing digital currencies as a legitimate form of payment. This shift towards crypto adoption has had a profound impact on the values and prices of these virtual assets.

The Mainstream Recognition of Cryptocurrencies

One of the key drivers of crypto adoption is the increasing mainstream recognition of cryptocurrencies by major companies, institutions, and even governments. When a well-known company announces its acceptance of cryptocurrencies as a form of payment, it brings legitimacy and credibility to the digital currency market.

For instance, in February 2021, the electric vehicle company Tesla announced that it had invested $1.5 billion in Bitcoin and would soon accept Bitcoin as a form of payment for its products. This announcement had a significant impact on the value of Bitcoin, as it signaled to the market that cryptocurrencies were gaining acceptance from traditional financial players.

The Influence of Institutional Investors

In addition to mainstream recognition, institutional investors have also played a crucial role in the adoption of cryptocurrencies. When large financial institutions and hedge funds invest in digital assets, it not only increases market liquidity but also improves the overall perception of cryptocurrencies as a viable investment option.

For example, the renowned investment firm Grayscale Investments has been actively investing in Bitcoin and other digital currencies on behalf of its institutional clients. As of January 2021, the company's total assets under management in crypto were worth over $27 billion. Such substantial investments by institutional players demonstrate their confidence in the long-term potential of cryptocurrencies, which in turn positively impacts their values.

Retail Adoption and User Demand

Beyond institutional players, retail adoption of cryptocurrencies has also played a significant role in shaping their values. As more individuals embrace cryptocurrencies for everyday transactions, the demand for these digital assets increases. This increased demand, coupled with limited supply, can drive up the prices of cryptocurrencies.

E-commerce platforms like Shopify and payment processors like PayPal have started accepting cryptocurrencies, making it easier for customers to use their digital assets for online purchases. This broader acceptance by online retailers and payment gateways has made cryptocurrencies more accessible to the average consumer, thereby driving their adoption and value.

The Rise of Decentralized Finance (DeFi)

Another factor contributing to the adoption and impact on cryptocurrency values is the emergence of decentralized finance (DeFi) applications. DeFi refers to the use of blockchain-based financial services that operate without the need for intermediaries, such as banks.

DeFi platforms allow users to borrow, lend, and earn interest on their cryptocurrency holdings, providing them with financial services traditionally offered by banks. The growing popularity of DeFi applications has increased the demand for cryptocurrencies, particularly those that are compatible with these platforms. This increased demand has had a significant impact on the values of cryptocurrencies.

The adoption of cryptocurrencies has had a profound impact on their values, with mainstream recognition, institutional investments, retail adoption, and the rise of DeFi all playing significant roles. As more individuals and businesses embrace cryptocurrencies as legitimate forms of payment and investment, the demand and value of these digital assets are likely to continue to rise.

Crypto adoption is not just a passing trend but a fundamental shift in how people perceive and use money. As the adoption of cryptocurrencies continues to expand, we can expect to see more volatility and fluctuations in their values. However, the long-term trend suggests that cryptocurrencies are here to stay, and their impact on the financial landscape will only continue to grow.


Blockchain technology serves as the foundation for cryptocurrencies, providing security, transparency, and decentralization. However, its complex and constantly evolving nature can contribute to market volatility. As governments around the world grapple with the regulation of cryptocurrencies, their decisions can significantly impact prices. >"One country's regulatory move can reverberate across the globe," says James Putra, Head of Product Strategy at TradeStation Crypto, underscoring the influence of government regulations on crypto markets. Regulatory actions can range from outright bans to favorable legislation, causing both panic and optimism among investors.

Media hype and FUD also play a crucial role in shaping cryptocurrency prices. News articles, social media discussions, and influential figures' statements can create both positive and negative sentiment, leading to price fluctuations. Crypto prices are highly responsive to public perception, as highlighted by Mati Greenspan, founder of Quantum Economics, who states, "The sentiment is everything." This demonstrates the importance of media influence on investor behavior and subsequent market movements.

Additionally, market demand and supply dynamics have a significant impact on cryptocurrency prices. Limited supply, as seen in the case of Bitcoin with its predetermined maximum supply of 21 million coins, can drive up prices when demand increases. Conversely, a surplus of supply can result in price depreciation. Speculative trading, driven by short-term profit motives, further amplifies price volatility. As speculative traders engage in buying and selling based on price fluctuations, it can create wild price swings that do not necessarily reflect the underlying value of the cryptocurrencies.

Technological developments within the cryptocurrency world also contribute to price fluctuations. Advances such as scalability solutions, upgrades to security protocols, and new features can positively impact prices by increasing usability and investor confidence. Conversely, technological vulnerabilities or delays in implementation can lead to price corrections.

Major financial events, such as economic crises or geopolitical tensions, can also significantly impact cryptocurrency values. During times of uncertainty, investors often turn to cryptocurrencies as a safe-haven asset or a hedge against traditional financial systems. This can lead to increased demand and subsequently drive up prices. For instance, during the COVID-19 pandemic, Bitcoin experienced a surge in value as investors sought refuge from the volatile stock markets.

Lastly, the level of crypto adoption plays a vital role in determining prices. Increased acceptance and use of cryptocurrencies in various sectors, such as e-commerce and remittances, can drive up demand and ultimately impact prices. Elon Musk, CEO of Tesla and a prominent advocate of cryptocurrencies, stated, "Cryptocurrency is a far better way to transfer value than pieces of paper," emphasizing the potential for widespread adoption and its impact on virtual asset dynamics.

In conclusion, the volatility of cryptocurrency prices can be attributed to a myriad of factors, each contributing to the dynamic nature of the market. As the industry continues to evolve, it is essential for investors and stakeholders to closely monitor these factors to better understand and navigate the world of virtual asset dynamics. In the words of Nathan Cox, managing partner at Two Prime, "The only constant in cryptocurrencies is their constant change."

1Andreas M. Antonopoulos, Mastering Bitcoin (2017)
2Don Tapscott and Alex Tapscott, Blockchain Revolution (2016)
3Antony Lewis, The Basics of Bitcoins and Blockchains (2018)
4Marc E. Malandro, Blockchain for Everyone (2019)
5William Mougayar, The Business Blockchain (2016)
6Daniel Drescher, Blockchain Basics (2017)
7Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System (2008)
8Tapscott and Tapscott, Blockchain Revolution (2016)
9Reuters, "China bans cryptocurrency offerings", September 2017
10BBC News, "El Salvador becomes first country to adopt Bitcoin as legal tender", June 2021
11Chris Larsen, co-founder of Ripple, in an interview with Forbes, April 2019
12Elvira Morrison, Cryptocurrency Investing: A Comprehensive Guide to Investing in Bitcoin, Altcoins, and the Cryptocurrency Market (2018)
13David Veksler, Bitcoin: The Ultimate Beginner's Guide to Understanding Bitcoin (2019)
14Robert G. Hagstrom, The Warren Buffett Way: Investment Strategies of the World's Greatest Investor (2013)
15Peter Lynch, One Up On Wall Street: How to Use What You Already Know to Make Money in the Market (2000)
16Andreas M. Antonopoulos, Mastering Bitcoin: Unlocking Digital Cryptocurrencies (2014)
17David Chaum, "Design criteria for decentralized ledgers" (1981)
18Vitalik Buterin, "Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform" (2014)
19Andreas M. Antonopoulos, "Mastering Bitcoin: Unlocking Digital Cryptocurrencies" (2014)
20Joseph Poon and Thaddeus Dryja, "The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments" (2016)
21Jamie Dimon, JPMorgan Chase CEO, 2017
22Forbes, "The Impact of Media Hype on Cryptocurrency Prices," 2018
23Warren Buffett, Berkshire Hathaway CEO, 2018
24David Gerard, "Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts" (2017)
25Tesla, "Tesla Form 10-K for the Fiscal Year Ended December 31, 2020" (2021)
26Grayscale Investments, "Grayscale Investments Q4 2020 Digital Asset Investment Report" (2021)