Elon Musk Has Just Purchased a Whole Lotta Bitcoin
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.
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