Wednesday, Mar 22, 2023
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Elon Musk’s Tesla buys $1.5 billion worth of bitcoin

Tesla bitcoin_IFM_Image
The company will start accepting bitcoin as payments for its products

Elon Musk’s Tesla, which is an electric vehicle and clean energy company based in the US, has bought $1.5 billion worth of bitcoin, media reports said.  The company announced the same in a Securities and Exchange Commission (SEC) filing on Monday. The company is planning to soon start accepting bitcoin as a form of payment for its products.

In the SEC filing, Tesla said, “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.”

Bitcoin’s price surge to reach $38,000 recently when Elon Musk said ‘bitcoin is a good thing’. This is not the first time, Elon Musk shared his enthusiasm for bitcoin, as he previously tweeted that he would accept his salary in bitcoin. It is one of the most popular cryptocurrencies, and in the last one year it has caught everyone’s attention as its value increased over 300 percent.

US-based investment bank JP Morgan has made a bold prediction when it comes to bitcoin. According to the bank, bitcoin prices will hit $146,000 in the long term. Comparing Bitcoin to traditional store of value assets such as gold, lead analyst Nikolaos Panigirtzoglou suggested that Bitcoin’s current market capitalisation of around $580 billion would have to rise by 4.6 times which would create a theoretical price of $146,000.

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