Tesla has invested $1.5b into Bitcoin the Cryptocurrency currently trading at about $40,000 and has said the company will soon start accepting Bitcoin as a mode of payment. Elon Musk, Tesla Founder and CEO has lately been promoting Dogecoin and as a result of a flurry of tweets, the cryptocurrency has seen a dramatic rise in price. Dogecoin launched back in 2013 and this year alone has risen from 1 cent to 8 cents in value and is projected to keep rising.
By investing in Bitcoin, Elon Musk has put his money where his mouth is and could see the price of Bitcoin rise even further as this gives credence to other investors who have either invested modestly or are torn between investing. One just wonders how much of Elon Musk’s money is in Dogecoin, his favourite cryptocurrency. Elon Musk is currently the richest man in the world with a net worth of about $188b, $4b richer than outgoing Amazon CEO, Jeff Bezos.
The decision by the biggest electric car maker in the world to invest $1.5b in Bitcoin and start accepting it as a form of payment could drive not just the price of the cryptocurrency but see more companies in the auto industry and otherwise to start investing in it and start accepting it as a mode of payment. This makes Tesla probably the first major manufacturer to start accepting Bitcoin.
This is a breaking news. We will update it throughout the day as we learn more
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
