A Bloomberg report indicates that the Bitcoin price surged at least 16% after Tesla announced it had invested $1.5 billion in the cryptocurrency. For the first time, Bitcoin was worth almost $45,000.
Additionally, the company announced that it may also accept bitcoin as a form of payment for its technological cars. Earlier last week, Elon Musk updated its Twitter profile saying he supported Bitcoin. If this is true, Tesla could help bitcoin retain both value and exchange volume. Tesla is the first mainstream company to acquire such a big amount of bitcoin, which it’s great news for the crypto and blockchain industry.
Bitcoin price has been surging since April 2020 and, up until now, it has rallied over 800% consolidating its position as the most stable, best known and more valued of all cryptocurrencies. Let’s also remember that, on the second semester of 2020, Paypal started accepting bitcoin payments and exchange for US clients, making bitcoin one step closer to mass adoption.
Musk has also been showing support or, at least highlighting, another cryptocurrency: Dogecoin. Tesla’s recent support for cryptocurrencies comes after filing this big investment with the Securities Exchange Commission, stating:
“We updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”
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