Elon Musk Drives Up Bitcoin Price After Tesla Makes $1.5 Billion Purchase


Influential billionaire and currently the world’s richest man, Elon Musk is driving prices of leading cryptocurrencies like Bitcoin again. This time, the Tesla owner revealed that he has made a heavy purchase of Bitcoin after which BTC prices are going through the roof.

Musk recently announced that his electric vehicle manufacturing company, Tesla Inc. made a purchase of $1.5 billion worth of BTC in January 2021. The announcement immediately triggered cryptocurrency markets. Bitcoin reached another record high post the heavy investment. On the Luxembourg-based exchange, namely Bitstamp, the prices peaked at $43,730 before facing a short correction.

Tesla To Accept Bitcoin Payments Very Soon

To add to this, Musk’s company further announced that they will start mainstreaming BTC exchange very soon. Their company is soon to start accepting payments in Bitcoin, mentions the company’s CEO. In terms of value, Tesla had acquired the position of the largest automobile company in the world, last year. In a statement, Tesla mentioned that the company is purchasing such high quantities of this cryptocurrency to increase flexibility, “further diversity and maximize returns on our cash”.

The leading cryptocurrency is increasing in value rapidly. Since October 2020, it has made a 300% surge in value, thanks to institutional investors gradually turning their eyes towards the crypto market. Payment wallets like PayPal and Visa are also major reasons behind the extraordinary hike in BTC prices.

Analysts are of the opinion that this is not the end. BTC prices will soar higher than this very soon. Tesla is acting as a major push to the BTC community. It is giving public momentum, a direction. But Bitcoin adoption is going to increase with or without it, expects analysts. CEX.IO crypto exchange’s CEO mentions in a statement that Bitcoin prices will hit $50,000 real soon.

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