TESLA & ELON MUSK BUYS BITCOIN $1.5 BILLION Investment Cryptocurrency News BITCOIN TO MOON!

TESLA & ELON MUSK BUYS BITCOIN $1.5 BILLION Investment Cryptocurrency News LITECOIN, Ethereum, Bitcoin News, Dogecoin!! LOL

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Here’s your crypto, bitcoin, and cryptocurrencies update

The US Securities and Exchange Commission reports that Tesla has invested $1.5 billion in bitcoin, citing the interest for greater flexibility in diversifying and maximizing returns on its cash reserves.

This has prompted many people to rethink their relationship with cryptocurrency, its potential, and its future prospects.

According to Forbes, Tesla says it understands the volatility of the price of bitcoins but says it will begin accepting bitcoin payments for its vehicles, making it the first major car company to do so.

This is major news for a fortune 500 company as investors anticipate that other companies will soon join a list of firms that invest in or hold bitcoin.

Tesla is currently valued at around $820 billion and but this news means that Tesla stocks will continue to rise.

Bitcoin is the most prominent virtual currencies out there, and like Tesla, it has had a bit of a rollercoaster ride since its debut.

Starting late last year, the currency has gained serious traction with it now being at an all-time high.

According to Coindesk, “The news sparked heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues.”

The value of Bitcoin rose to a new all-time high of $43,863, with shares of Tesla also rising by about 2 percent following the news.

Tesla has always had some green credibility associated with its image and the Bitcoin move is starting some controversy since Bitcoin “mining” is highly energy-intensive.

Since energy is taken from the grid, that usage generally creates a carbon footprint so it comes as a surprise to many that Telsa and Musk have associated themselves with the possibility of more mining ahead.

However, since Tesla has always been about sustainability I don’t think they would do anything that would tarnish that aspect of their brand.

Elon Musk has weighed in regularly on the past month’s frenzy in retail investment, also driving up prices of the meme-based digital currency dogecoin and shares of the U.S. video game chain GameStop.


Musk even changed the bio of his Twitter account which has 46 million followers to include #bitcoin.


Elon Musk said a week ago that bitcoin was “on the verge” of being more widely accepted among investors, and in December asked if it was possible to do large transactions in the currency.

According to Reuters, “Telsa said in filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash, including holding gold.”

The decision by figures like Elon Musk or important companies such as Tesla is simply one more step toward normalization.

Sources:

https://www.forbes.com/sites/enriquedans/2021/02/08/has-bitcoin-just-gone-mainstream/?sh=2001549537e8
https://www.reuters.com/article/us-tesla-crypto-currency/tesla-sends-bitcoin-soaring-with-1-5-billion-investment-payment-promise-idINKBN2A81CG?edition-redirect=in
https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

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