Time Magazine has selected Elon Musk, CEO of Tesla and SpaceX, as its 2021 Person of the Year, citing his groundbreaking achievements in space exploration, electric vehicles, and his influential advocacy for cryptocurrency investments.
The Rise of Virtual Currency
Virtual currencies have sparked global debate since their inception, with their volatile prices deterring some investors while attracting others. Elon Musk, a vocal supporter, frequently impacts cryptocurrency markets through his tweets.
In March 2021, Musk announced Tesla would accept Bitcoin as payment for vehicles—though this was later rescinded due to environmental concerns over mining. Despite fluctuations, Bitcoin's adoption as legal tender in El Salvador (September 2021) underscores its growing influence.
Key Terms: Cryptocurrency vs. Virtual Currency
Cryptocurrency:
- Derived from "crypto-" (hidden/secure) and "currency" (flowing value).
- Example: "Rising interest in cryptocurrencies has reignited central banks’ digital currency ambitions." (CNBC)
Virtual Currency:
- Uses "virtual" (digital/non-physical), like VR (Virtual Reality) or the Metaverse.
- Example: "Meta’s focus on the Metaverse highlights the expansion of virtual economies."
Security in Crypto Transactions
- Hot Wallets: Online platforms for quick transactions (higher hack risk).
- Cold Wallets: Offline storage (e.g., USB devices) for enhanced security.
Transaction Terms:
- Transact (v.) → Transaction (n.): "Banks charge fees per domestic transaction."
FAQs
Q: How does Elon Musk influence cryptocurrency prices?
A: Musk’s tweets often trigger market movements, like Bitcoin’s surge after Tesla’s payment announcement.
Q: What’s the difference between mining and trading cryptocurrencies?
A: Mining involves validating transactions (using computational power), while trading focuses on buying/selling assets.
Q: Why did China ban cryptocurrency mining?
A: Due to excessive energy consumption and environmental concerns, per Cambridge Centre for Alternative Finance.
👉 Explore secure crypto wallets for safer investments.
TOEIC Practice Questions
Cryptocurrency miners __ ~30,000 tons of e-waste yearly.
- (B) generate (Correct: "produce waste")
ATMs let users __ transactions without visiting banks.
- (D) to complete (Grammatically correct infinitive)
For more on financial trends, read Global Inflation and Multilingual Business Terms.
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