HomeAltcoin NewsElon Musk Has Just Purchased a Whole Lotta Bitcoin

Elon Musk Has Just Purchased a Whole Lotta Bitcoin


Related stories

BTC Can Hit $100,000 Soon and $150,000 If Trump Wins, Predicts Standard Chartered

Standard Chartered, the British financial institution, claims bitcoin can...

BTC Falls Below $70,000, Triggered by Massive Selloff

As the crypto community awaited BTC to push past...

Elon Musk – the South African entrepreneur behind large tech corporations such as SpaceX and Tesla – revealed that his latter company has purchased approximately $1.5 billion worth of bitcoin, the world’s most popular and powerful digital currency.

Elon Musk Is at It Again with Bitcoin

Musk has repeatedly gone back and forth on the asset, at one time calling it as “bs as fiat” while at other times presenting it with high words of praise. Over the past week or so, the entrepreneur’s primary attention has been directed towards one of the currency’s leading altcoin competitors Dogecoin, an asset that began as a joke that can ultimately be recognized by the cute little Shiba Inu dog that serves as its mascot.

Dogecoin has since garnered a solid reputation on Reddit and has seen more than 300 percent added to its overall value in the past few days. In modern times, the currency’s total market cap is estimated to stand well beyond the $1 billion mark. Musk, at one point, was even rumored to serve as the currency’s new CEO, though this didn’t amount to much.

But today, it’s bitcoin that has garnered all the hot attention from both crypto investors and industry experts everywhere, who believe that Tesla’s purchase of the currency is going to make waves in the arena and cause bitcoin to incur spikes like nobody has ever seen before. Already, the asset is trading for just shy of $43,000, reaching a new all-time high, and many believe the currency will go even higher in the coming future.

In addition, the company has also stated that it is looking to accept bitcoin payments rather soon. According to a filing with the Securities and Exchange Commission (SEC), Tesla explains that the BTC purchase was meant to increase flexibility with the company and to “diversity and maximize returns on our cash.” It also stated:

We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis which we may or may not liquidate upon receipt.

Many individuals are reacting with extreme positivity and believe this will lead bitcoin into more mainstream and legitimate territory. John Wu – president of blockchain tech company Ava Labs – explained in a recent interview:

Tesla’s purchase of $1.5 billion of bitcoin not only continues the momentum of public companies purchasing crypto but could be a watershed moment that establishes some allocation of digital assets as a cornerstone of a healthy, diversified treasury.

Pushing the BTC Agenda

Just last week, Musk commented that he felt bitcoin was on the verge of “widespread acceptance,” mentioning to his followers on social media:

I am a supporter of bitcoin. I am late to the party, but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories