BTC Surges As Tesla Announces $1.5 Billion Investment In The Coin

Feb 8, 2021

Bitcoin hit a new all-time on the 8th of January 2021; this surge doubled the previous all-time high of approximately $19,000 from just three years ago.

This past weekend, the world’s first cryptocurrency reminded us that it has no plans to slow down its growth any time soon. Today, the coin surpassed its most recent high of $40k as the bulls’ pressure intensified. Bitcoin has pushed its price to a new high of over $43,000. The cryptocurrency spiked in value on trading platforms by several thousand dollars, as word spread, Tesla is planning on purchasing over $1.5 billion worth of BTC.

 


Tesla and BTC

The company’s filings with the SEC of the United States (Securities and Exchange Commission) indicate that they are considering holding digital assets such as BTC, as well as accepting payments in the cryptocurrency in the future. Tesla filed that it has “updated [its] investment policy to provide [it] with more flexibility to further diversify and maximize returns on [its] cash that is not required to maintain adequate operating liquidity,” the company added that it would offer “certain alternative reserve assets, like digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.”

This comes on the tail of the world’s now richest man and CEO of Tesla, Elon Musk, openly voicing support for BTC as well as Dogecoin (DOGE). Dogecoin has since beaten Bitcoin Cash (BCH) out from the top ten cryptocurrencies by market capitalization. Musk’s social presence alone has immensely influenced crypto prices. One of the most recent and popular instances happened when Musk changed his profile bio on Twitter to just ‘bitcoin’.

Tesla is the most prominent and influential company to support the notorious cryptocurrency. The fact that it may accept BTC-denominated transactions in the near future is revolutionary for the crypto-coin and could help the coin retain its value.