How Elon Musk Sent Bitcoin to the Moon

admin
+ posts

Tesla, the company of the famous entrepreneur Elon Musk, announced on Monday its big investment in Bitcoin. Tesla bought $1.5 billion worth of the cryptocurrency and sent Bitcoin to new record highs, or in crypto slang “to the moon”.

The story of Elon Musk and Bitcoin has started just a few weeks ago. The billionaire simply added the hashtag #bitcoin to his bio, which immediately pushed the cryptocurrency price by 20%. Two days later, he said:

I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.

Elon Musk

Musk kept on tweeting about other cryptocurrencies, which reflected on their prices as well. For example, he posted a few times about Dogecoin, a cryptocurrency that started as a joke based on the “doge” meme. Even though he explicitly said these tweets are jokes, the price of Dogecoin more than doubled after the tweets.

Finally, on Monday, he made a step further in supporting Bitcoin. The company Tesla purchased Bitcoin for $1.5 billion for “more flexibility to further diversify and maximize returns on our cash.” Furthermore, Tesla confirmed it can start accepting payments in BTC for its products. The $1.5 billion worth of BTC will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.

Tesla is not the first big company to invest in Bitcoin

Steps like the recent one by Tesla, as well as PayPal enabling crypto payments, are turning digital currencies into an asset class for investors. The overall crypto market capitalization reached $1 trillion in January. Microstrategy Inc., Square Inc., and MassMutual become some of the institutions with big investments in crypto.

Besides Tesla, the next big investor in crypto might be Apple. According to a report of RBC Capital Markets, Apple Inc has a “clear opportunity” to offer a buying and selling mechanism for cryptocurrencies. This step will make the United States a global leader in crypto assets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured
CryptoLeo Casino

✔️ Get 150% Up to 3,000 USDT + up to25% Cashback

Nine Casino

✔️ Get 450 EUR + 250 Free Spins Welcome Bonus Package

Lucky Elektra Casino

✔️ Get 100% Up to €/$500 + 100 Free Spins in Casino
✔️ 100% deposit match up to $€200 in Sports

FairSpin Casino

✔️ Get 100% bonus + 30Free Spins +for your 1st deposit.

SkyCrown Casino

Grab up to €500 welcome bonus package + 225 Free Spins

CryptoLeo Casino
cryptoleo_banner_120x600
New Bookmakers
CryptoLeo Casino

✔️ Get 150% Up to 3,000 USDT + up to25% Cashback

Nine Casino

✔️ Get 450 EUR + 250 Free Spins Welcome Bonus Package

Lucky Elektra Casino

✔️ Get 100% Up to €/$500 + 100 Free Spins in Casino
✔️ 100% deposit match up to $€200 in Sports

FairSpin Casino

✔️ Get 100% bonus + 30Free Spins +for your 1st deposit.

Duelbits Casino

✔️ Get Up to 500 Free Spins + up to 50% Cashback in Casino & 100% up to $100 in Free Bets for Sport

New Casinos
4.5 rating
✔️ Get 150% Up to 3,000 USDT + up to25% Cashback
5.0 rating
✔️ Get 450 EUR + 250 Free Spins Welcome Bonus Package
5.0 rating
✔️ Get 100% Up to €/$500 + 100 Free Spins in Casino
✔️ 100% deposit match up to $€200 in Sports
5.0 rating
✔️ Get 100% bonus + 30Free Spins +for your 1st deposit.
5.0 rating
✔️ Get Up to 500 Free Spins + up to 50% Cashback in Casino & 100% up to $100 in Free Bets for Sport