During the Spring Festival, bitcoin plays a roller coaster again. Recently, bitcoin has hit record highs. On the 16th, bitcoin repeatedly broke through the $50000 mark. However, due to the violent fluctuation of its price, there are still many investors who have burst positions in spite of the fierce overall rise. On February 14, bitcoin rose to $49000 per piece, and then dropped by more than $2000 the next day. Judging from the news, the sharp drop in bitcoin prices is affected by mask’s remarks about dogcoin. On the 15th, musk twice tweeted that he supported “holders selling most dog coins” and later said that he would buy these coins. As a result, the prices of dog coins, Ethereum and bitcoin fell sharply first and then rose again, leaving the “V” trend. Behind the drastic fluctuation of cryptocurrency price caused by Musk’s “command”, it reflects that the real value of cryptocurrency has not been determined yet. At present, the attitude of mainstream financial institutions also has obvious differentiation. Some institutions frankly say that cryptocurrency has no value, it is just a “bubble”; however, more and more institutions, including MasterCard and Bank of New York Mellon, have begun to open their arms to cryptocurrency. Battle for the value of cryptocurrency, musk tweeted on February 15 that he would fully support the main holders of dog coins to sell most of the currency. The only real problem with dog coins is that the concentration is too high. Bitcoin, dogcoin, Ethereum and other cryptocurrencies immediately fell. Dramatically, later in the day, musk wrote again, saying, “if these coin holders empty their accounts, I will definitely spend real gold and silver to buy them.”. Under the celebrity effect, the price of cryptocurrency rises and falls sharply, bitcoin has repeatedly broken the $50000 / piece barrier. Behind the drastic fluctuation of cryptocurrency price caused by Musk’s “command”, it reflects that the real value of cryptocurrency has not been determined yet. At this point, even Marcus, the co-founder of dog coin, can’t tell the value of dog coin. In just two months this year, the market value of dog coin has increased by more than 1000%. Musu recently published an open letter in reddit, a retail base, saying that he was puzzled by the market’s pursuit of dog coins. “A lot of people want the dog currency to rise to $1, but is the dog currency worth this price? “He said frankly,” this is something I can’t understand, let alone answer this question. ” Marcus said that as early as 2015, when the development direction of Dog Coin ran counter to his expectation, he quit the dog coin project. At that time, he had just been laid off by the company, so Marcus even sold and delivered all his dog coins. It is understood that the original intention of musku to create dog coin was just to make fun of digital currency. At present, he is a software engineer in an education company. Similarly, many mainstream financial institutions are puzzled by the popularity of cryptocurrency in the market. For example, in January this year, UBS wealth, the asset management agency, said, “in our opinion, when a better version is launched, or if changes in regulatory policies will suppress market sentiment, nothing can prevent the price of cryptocurrency from returning to zero”. Investors holding cryptocurrency will lose their assets. Bank of America has also said bluntly, “bitcoin is the mother of all bubbles.”. However, there are also huge differences among financial institutions. Investment banks such as JPMorgan Chase and Citibank began to sing multi bitcoin. Morgan Stanley also indirectly held bitcoin by purchasing 10% shares of MicroStrategy. MicroStrategy is known to have one of the largest number of bitcoin companies in the world. Perhaps, as musk said in an interview in February, “sometimes I’m just making fun of dogcoin, just like the original intention of dogcoin at that time – to make fun of digital currency. However, fate sometimes makes fun of people. Maybe one day, dog coin will become a global currency. Although the real value of cryptocurrency is still being debated, it can not be denied that cryptocurrency, a huge cake, has attracted more and more financial institutions. Bitcoin rose several times in the last three days of last week, reaching a high of $49000 for the first time on Friday (February 12), just one step away from $50000. From the news, the main driving factor of the rise is that a number of financial giants have said for three consecutive days that they will expand the cryptocurrency business, showing the market that more and more mainstream financial institutions have changed their attitude towards cryptocurrency to embrace actively and look forward to it. On February 12, bitpay, the world’s largest blockchain payment service provider, said Apple pay would support payment in cryptocurrencies such as bitcoin. Meanwhile, bitpay also announced plans to increase support for Google pay and Samsung pay by the end of March. Just a day ago, according to the Wall Street Journal, New York Mellon bank, the oldest bank in the United States and known for its custody business, announced that it would provide its customers with storage and transfer services for digital currencies such as bitcoin. At present, the platform for implementing this plan is still in the prototype stage and is learning about customers’ willingness to use this service. Roman regelman, chief executive of the bank’s Asset Services and digital business, said digital assets were becoming mainstream. On February 10, MasterCard announced that it was actively maintaining contact with the major central banks that planned to launch digital currencies worldwide, and planned to support some digital currencies on its payment network this year. On the same day, PayPal, another payment giant, said on a fourth quarter earnings conference call that it plans to provide encryption services to holders of its venmo wallet by the end of the second quarter of 2021, and plans to expand its cryptocurrency business into a wider international market. As early as last October, PayPal announced that it would allow users to buy, hold and sell cryptocurrencies, including bitcoin, Ethereum, bitcoin cash and letcoin. Users can also use digital currency to shop in PayPal’s retail network, but this service is limited to the United States. Recently, it was reported that PayPal plans to expand its cryptocurrency business to the UK in the next few months. Earlier, Singapore’s largest commercial bank, DBS, had planned to start offering bitcoin trading services. Fidelity, the largest asset management company in the United States, has begun to provide bitcoin hosting services. “The development of cryptocurrency business by financial institutions is not only to adapt to the development of digital economy, improve the attractiveness of products to users, but also to resist external competition.” “After all, before that, Singapore’s DBS Bank, mobile payment provider square and stock online trading platform Robin Hood have all started to provide cryptocurrency services, and other financial institutions are naturally not willing to lag behind,” an analyst told the Chinese brokerage In addition, the person pointed out that financial institutions that choose to embrace cryptocurrency are also attracted by the potential benefits of cryptocurrency business. This can also be confirmed by PayPal’s exhibition achievements. PayPal has allowed U.S. users to buy bitcoin through apps since November 2020. As of January 11, this year, the encrypted transaction volume of PayPal has reached a historical peak of $242 million. Prior to this, PayPal CEO Dan Schulman also said that cryptocurrency transactions on the platform were much larger than expected. The RBC Capital Markets report also said Apple wallet is expected to generate more than $40 billion in revenue if it turns to cryptocurrency. Retail investors need to be aware of the risk of callback. In the fourth quarter of last year, bitcoin ushered in a bull market, rising from US $10000 / piece to nearly US $30000 / piece. In just two months this year, it continued the upward trend of the previous year, reaching more than 47000 us dollars / piece. It is generally believed that the rise of bitcoin is mainly driven by the impact of the international economic environment and the participation of institutional investors. “In the face of the uncertainty of the epidemic, bitcoin’s risk aversion is recognized by the market, and more and more institutional investors have begun to join.” Said Jiang Han, a senior researcher at Pangu think tank. “In a sense, bitcoin and gold do have similarities. Bitcoin is not issued by any country, but a virtual currency determined by a set of algorithms. Its quantity is absolutely limited. Especially after two times of halving, the current mining efficiency is very poor. Under such circumstances, the demand is clear and the supply is limited, which will naturally drive bitcoin into a kind of safe haven asset. ” He believes that in the current economic situation, bitcoin can provide the value guarantee required for safe assets, which is the important source of its current price surge. Among them, Tesla is a typical representative of institutional investors to promote the rise of bitcoin. Tesla said in the latest announcement that as part of its latest investment policy in January, it has invested a total of US $1.5 billion in the special currency and may acquire and hold digital assets from time to time or for a long time. At the same time, Tesla said it expected to begin accepting bitcoin as a payment method for its products in the near future, in compliance with applicable laws and initially on a limited basis. Tesla said it was likely to invest some of this cash in certain alternative reserve assets, including digital assets, gold bars, gold exchange traded funds and other assets under the new policy in the future. Under the “carrying goods” effect of celebrities such as musk, bitcoin ushered in another round of rise. In this regard, Jiang Han reminded that the risk of bitcoin has accumulated to a very high level, and it is necessary to pay attention to the possibility of large-scale callback at any time. “For most Chinese, such high-risk assets are not suitable for retail investors. We must pay attention to the risks.” He said that bitcoin itself has a high level of market concentration. “The vast majority of bitcoin is controlled by a small number of accounts. In a sense, bitcoin has a very clear property of being in a business. Therefore, naturally, the market price volatility of bitcoin itself will be very large. Therefore, when retail investors operate the market, they must pay attention to the existence of them Risk, avoid the loss caused by sharp rise and fall “. This paper does not constitute an investment proposal. The stock market is risky and investment should be cautious.