Tesla, the electric car brand controlled by Elon Musk, has revealed some exciting news. The announcement that Tesla invested 1.5 billion dollars in Bitcoin was shared recently.
However, it does not come as a shock because the owner of the company is known for openly supporting cryptocurrency.
In His Interview
In Interview he said, “I do think at this point bitcoin is a good thing. And so, I am a supporter of bitcoin. And I think, bitcoin is really on the verge of getting broad acceptance by conventional finance people”. Musk has also frequently promoted cryptocurrency on his Twitter.
By this statement only, the price of bitcoin rose high at the beginning of this month. Now, according to the news, tesla invests in bitcoin with a massive 1.5 billion dollars.
It was disclosed on Monday that Elon Musk’s Tesla bought Bitcoin. Moreover, the most valuable car company in the world will now accept payment in bitcoin as well.
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After the annual filing with the Securities and Exchange Commission, the company reported: “To begin accepting bitcoin as a form of payment for our products in the near future… initially on a limited basis, which we may or may not liquidate upon receipt”.
Tesla buys bitcoin and bets big by holding some of the cash in bitcoin instead of the usual currency.
It is now clear that the news has allowed a high dosage of legitimacy on cryptocurrency. Previously, the price of bitcoin was 12%
Now, more and more investors want to invest in bitcoin. Since Tesla invested 1.5 billion dollars in Bitcoin and has embraced cryptocurrency as a form of payment, these steps are a huge milestone for bitcoin.
Even though Elon Musk’s Tesla invested in bitcoin, the price of the cryptocurrency has been on a run recently but still not as good as the company.
Where bitcoin had a surge in value by 303% in the previous year, Tesla had a rise of 743% in the stock.
To Conclude
Tesla invested 1.5 billion dollars in Bitcoin and all eyes are on the cryptocurrency state and company now.
Some have criticized this decision as it poses potential risks to Tesla. However, the future will decide if the odds will be in the favor for Musk.
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