Elon – Can 1 Bitcoin can buy you a Telsa?
Bitcoin Sets Fresh Records After Elon Musk Investment
The price of Bitcoin has already enjoyed huge growth over the last few months. But this news could push prices even further as retail and institutional investors flock in.
The cost of Bitcoin has surged to record highs. After a report that Tesla, disclosed holdings of up to $1.5 billion in the popular digital currency.
The carmaker said that it may soon accept payment in the cryptocurrency for new electric cars.
Bitcoin rocketed over 13% to an all-time high of more than $44,000 on Monday. As Tesla also announced plans to begin accepting Bitcoin payments, as well as future cryptocurrency investments.
NEIL Wilson, chief market analyst for Markets.com, has raised a number of issues around Tesla’s investment in bitcoin. Including questions surrounding market manipulation and using government ta0x breaks to invest in cryptocurrencies.
Tesla Backs Bitcoin With $1 5 Billion Investment
The news was revealed in a stock market filing. The company had updated its investment policy to include “reserve assets” like digital currencies; along with gold bullion or gold exchange-traded funds. Tesla has invested an aggregate £1.1 billion in the cryptocurrency bitcoin, as part of an updated January investment policy.
Tesla’s board approved a change to investment policy last month that will enable the company to buy assets including cryptocurrencies and gold.
“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future“
Tesla announced that the purchase was trying to maximise returns on cash that isn’t being used in day-to-day running of the company.
At current prices, a single bitcoin would be able to buy a Tesla Model 3, which retails for $37,990. As such, the company will need to work out how to price its vehicles to account for the extreme fluctuations. As we all know the value that Bitcoin is prone to, along with how to process and store payments.
Dogecoin Hits New High After Elon Musk Tweets
The story took a further twist when the real Elon Musk temporarily had his Twitter account suspended. For tweeting “Wanna buy some Bitcoin? Musk has tweeted his support for both bitcoin and dogecoin digital currencies. And when Musk announced last week that he was a “supporter” of the cryptocurrency, the price of bitcoin soared.
Crypto analysts are looking at what’s next for the surging bitcoin price and the cryptocurrency market. The latest price surge pushed the market value of dogecoin above $10bn. Making it the 10th most valuable cryptocurrency in circulation by market capitalisation.
Musk also tweeted ‘In retrospect, it was inevitable,’ after spending most of some time promoting other stocks and virtual coins like dogecoin.
Musk has publicly endorsed bitcoin before, this latest news prompted the price of the currency to jump to $43,765 per coin.
The price of Dogecoin was up 20 per cent too – trading at $0.08 – after a dramatic rise over the past few weeks.
In separate but related attacks, numerous Twitter accounts in the cryptocurrency sphere were compromised. Including @Coinbase, @KuCoin, @Binance and @Gemini, and connected CEOs and founders such as @CZ_Binance, @JustinSunTron and @SatoshiLite. Twitter accounts belonging to Apple and Uber were also affected by the mass hack.
More than six hours after the attack – Twitter blocked verified accounts from tweeting an announced the breach was under investigation.
Reddit Posts Reveals Details Of Tesla Bitcoin Investment Leaked Weeks Ago
It’s the third time in just a few weeks that Musk’s Twitter has caused stock market waves. With earlier endorsements of the messaging app Signal and online store Etsy also resulting in spikes in companies’ share price.
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