Gentry LaMartinDec 27, 2021 · 3 years ago7 answersHow does the demand for cobalt affect the value of digital currencies?
How does the demand for cobalt impact the value of digital currencies? I've heard that cobalt is an essential component in the production of lithium-ion batteries, which are used in many electronic devices, including smartphones and electric vehicles. As the demand for these devices increases, so does the demand for cobalt. Since cobalt is also used in the production of digital currencies, such as Bitcoin and Ethereum, it seems logical that an increase in the demand for cobalt would affect the value of these currencies. Can you explain how the demand for cobalt influences the value of digital currencies?
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