Electric automaker giant Tesla announced on Monday that it has invested around $1.5 billion in Bitcoin, and it plans to begin accepting the digital currency as payment for its high-end vehicles soon. The news sent the price of bitcoin soaring above $46,000 as the cryptocurrency set a new all-time high. Elon Musk-led Tesla revealed the new strategy in a filing with the U.S. SEC, saying its investment in digital currency and other “alternative reserve assets” may grow.
Bitcoin rises to another all-time high.
Tesla’s announcement of investing in bitcoin sent the price of bitcoin soaring to another all-time high as the cryptocurrency reached above $46,000 for the first time. At the time of writing, the leading cryptocurrency is changing hands at just above $46,800 – 21% up in the last 24 hours. Bitcoin has enjoyed massive rallies this year as the price has more than doubled since its last all-time high rally of 2017. It is believed that institutional interest in bitcoin has been the main reason behind the boast of bitcoin.
Elon Musk believes bitcoin will see more acceptance from finance people.
As reported earlier, Elon Musk had said that the leading cryptocurrency bitcoin is a “good thing” and that it is set to get mainstream attention. Musk went on to say that many of his friends have convinced him to buy bitcoin in the past, but he is “late to the party.” The billionaire CEO had also added bitcoin to his Twitter bio and posted, “In retrospect, it was inevitable,” possibly meaning that the bitcoin mention was sure to happen. Now, it is speculated that Tesla’s move into bitcoin could have a domino effect, and we might see other companies making similar moves.