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Bitcoin Price Hits Record After Tesla Buys

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Musk’s Tesla on Monday announced that it invested $1.5 billion in the cryptocurrency. Tesla also mentioned the possibility of accepting payments in bitcoin, in the near future. 

Key Points

  • Elon Musk is serious about cryptocurrency.
  • The Company invested $1.5 billion in bitcoin in January.
  • Bitcoin’s value as of Tuesday is $47,000.41 which is over Rs 34 lakh.

On Monday, Tesla invested $1.5 billion in the cryptocurrency as part of an initiative begun last month to invest in alternative assets like digital currencies and gold bullion. is the largest corporate purchase of bitcoin ever. Tesla also mentioned the possibility of accepting payments in bitcoin, in the future.

“We invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws,” the company noted in a report.

Planning to accept bitcoin as payment puts Tesla in league with PayPal, which began allowing its customers to buy and sell bitcoin, ether (ETH), litecoin (LTC), and bitcoin cash (BCH) in its PayPal wallet in December, and will add the function to Venmo this year, along with the ability to make purchases with crypto.

Musk in the past has noted that the future Mars economy could be based on cryptocurrency, such as bitcoin.

He had also written “Mars economy will run on crypto,” in a reply to a tweet. Musk’s company SpaceX’s Mars program eventually aims to colonize the planet. Bitcoin’s value has been at a high since it reached $19,800 for the first time in three years in December, last year. Bitcoin’s value as of Tuesday is $47,000.41 which is over Rs 34 lakh.

Musk recently changed his Twitter bio to simply “#bitcoin” last week, causing a surge in the value of the most popular cryptocurrency.

Musk expressed his support for bitcoin during a recent Clubhouse conversation,he said-

“I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin. I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,”

Also read: Elon Musk entry In Telecom industry in India- New competition to Jio & airtel

Also read: Sandes App- An alternative To Whatsapp!! Made by Indian government

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