Tesla Inc, The Electric Car company which is owned by the world’s richest man Elon Musk has invested $1.5 Billion into bitcoins, nearly a week ago we witnessed Bitcoin jump more than 900 per cent to $46,655, This is believed to be the aftermath of this gigantic investment by Tesla.
Elon Musk, CEO of Tesla has always shown support towards cryptocurrencies through various tweets, we have seen him tweet about bitcoin, add the #Bitcoin to his twitter bio and saw him tweet multiple times in support for DogeCoin (Meme Coin).
Tesla’s SEC Filings!
2 days ago (8th February 2021), Tesla announced that it had invested $1.5 Billion into Bitcoin earlier this year.
Tesla in its filing with the Security and Exchange Commission revealed that it had bought bitcoins for the purpose of liquidity when it allows/accepts payments in the form of Bitcoin.
The company said, it bought bitcoins for “More flexibility to further diversify and maximise returns on our cash”.
In the past few years, we have been seeing multiple companies, financial sectors and other small institutions adapt blockchain technology, with Tesla’s adaptation to Cryptocurrency we have now entered a world where cryptocurrency will be valued for its Decentralised Environment.
Tesla to accept Bitcoin as Payment Method.
In the SEC Filings, Tesla also mentioned about accepting Bitcoin as a payment method in the coming future.
This was one of the reasons why Tesla Invested $1.5 Billion into Bitcoin, they also mentioned that, invested such a massive amount for the purpose of liquidity once they start accepting Bitcoin as a payment method.
Aftermath of the Announcement.
Following the announcement by Tesla, Bitcoin prices surged to new highs reaching a price of $44,200. It was also noted that Tesla’s shares were up more than 2%.
Elon Musk Support for Bitcoin.
Elon Musk has always shown an immense amount of support towards cryptocurrency and blockchain over the past few years.
Tesla CEO, Elon Musk has said bitcoin was “on the verge” of being more widely accepted by the investors.
He also added the hashtag #Bitcoin to his twitter bio, following which bitcoin prices surged to $38,000.
“I think bitcoin is on the verge of getting broad acceptance by conventional finance people,” Musk said while speaking on his debut on the invitation-only app Clubhouse.
Musk also added that he is a supporter of bitcoin and said “I was a little slow on the uptake”. He further stated that he should have bought it eight years ago.
It is believed that with his remarks we witnessed bitcoin rally up to $46,655, seeing such intense support from one of the richest people in the world means a lot to the crypto community.
Supportive Words by Elon Musk.
Here are some of the Supportive words by Elon Musk in support of Cryptocurrency that caused Spike in the market:
“I am a supporter of bitcoin”
“I was a little slow on the uptake,” he said, adding he should have bought it eight years ago.”
“I think bitcoin is on the verge of getting broad acceptance by conventional finance people.”