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Image of a Bitcoin
Courtesy of Pixabay
Image of a Bitcoin
Courtesy of Pixabay

Bitcoin could become a primary method of payment in the future. The world saw a tremendous shift in this market when the world’s richest businessman, Elon Musk, CEO of Tesla, endorsed it. The electric car company’s CEO has been seen encouraging the market multiple times in recent months.

Now Elon Musk reveals that he bought $1.5bn in Bitcoin. He also said that his company will accept payments made with the popular yet controversial cryptocurrency in the future. Yes, he really did say Tesla would start accepting Bitcoin.

The Biggest Hit for Bitcoin

The news of Tesla’s investment raised the digital currency’s value by 14%. This makes a record-high of $43,500, a 300% increase compared to the February of last year. It happened because the cryptocurrency has come into the mainstream, which has forced investors to dig into the market.

According to the SEC filing, $1.5bn investment in Bitcoin means around 8% of all the value of $19.4bn of Tesla that they have in cash. Musk’s recognition has helped to raise the value of the digital asset. Interestingly, he has tweeted multiple times in support of the cryptocurrency. And his use of “#bitcoin” on Twitter is enough to attract investors.

Not to mention, the dogecoin price also had increased after Musk Tweet that dogecoin is the people’s crypto.

Game Changer?

Tesla’s investment can be a game-changer for cryptocurrency. Because of Musk’s continuous encouragement of this market, finance experts see an acceleration of companies trying to invest in Bitcoin. Of course, who doesn’t want to follow the guidance of the world’s richest CEO?

Now one of the world’s largest businesses owns Bitcoin, so every investor that has Tesla or even owns just an S&P 500 fund will think of making the same decision. Although people need to remember that Bitcoin is an extremely volatile cryptocurrency, but it is also true that cryptocurrency is considered a currency of the future. Eventually, if more businesses invest in this currency, there is a greater chance that buying and selling products will be carried out through crypto.

Another reason why the cryptocurrency is becoming popular is that other famous personalities have become active and have given both positive and negative views of the currency. For instance, Andrew Bailey, the governor of the Bank of England, has said that bitcoin has no intrinsic value. He also said that if you are ready to lose your money, you can invest in it. It doesn’t mean you will lose your money, but it has no value at all. However, the stats show that his negative remarks have had no impact on the cryptocurrency and Tesla’s investment in it.

Bottom Line

In a nutshell, after Tesla’s investment in bitcoin, the world will see many companies and investors looking forward to investing in cryptocurrencies. This means the market will see a remarkable shift in the future, even more than the rise after Musk’s comment.

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