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
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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.
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