Tesla is in on Cryptocurrency

Elon Musk is a big fan of cryptocurrency so big that he invested $1.5 billion in Bitcoin and begin accepting the cryptocurrency as a form of payment.

The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3!

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Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.

Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin; it issued $650 million in convertible bonds last year explicitly to use the cash to buy the cryptocurrency.

Musk talks why listen?

Musk has often tweeted about cryptocurrency-related topics and earlier this month called Bitcoin “a good thing” in an interview. Dogecoin, the once tongue-in-cheek digital currency, hit a record on Monday after Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons all tweeted about it.

Musk has flirted with Bitcoin for years and in December posted on Twitter a suggestive image indicating he’s tempted by the token. He also inquired about converting “large transactions” of Tesla’s balance sheet into Bitcoin in a Twitter exchange with Michael Saylor, chief executive officer of MicroStrategy Inc. and a prominent booster of the digital currency.

 

What does this mean

We should prepare for more companies involving themselves in bitcoin, the more platforms get involve will result in the raise of cryptocurrency.

 

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