Recently, Tesla invested around $1.5 billion in bitcoin and is expecting to start accepting payments for its vehicles and other products with it in the future, promoting a more than 10% jump in electronic currency.
Tesla’s investment in bitcoin report drove of around 10 % surge in the world’s best-known cryptocurrency. The announcement came after two weeks in which comments from Elon Musk encouraged small investors to buy bitcoin as well as shares of the U.S video game chain Gameshop. A week ago Musk said in a tweet that bitcoin was on the verge of being more widely accepted among investors and in December asked if it was possible to do huge transactions using this currency.
According to analysts this move by one of the largest companies in the world Tesla is liable to prove a game-changer for the currency.
“I think we will see an acceleration of companies looking to allocate to bitcoin now that Tesla has made the first move,” said Eric Turner, vice president of market intelligence at cryptocurrency research and data firm Messari.
Related: Surpassing Jeff Bezos, Elon Musk becomes the richest person in the world
PayPal to add Bitcoin in E-wallet
PayPal made an announcement last year, in October 2020 that it will allow to buy, sell and hold bitcoin and other electronic currencies or virtual coins using their online e-wallet. Now the thing that remains to be seen whether bitcoin will have greater adoption in form of payment or will keep struggling as it has been in past. Musk also endorsed other cryptocurrencies and gave dogecoin a shout-out last week on Twitter.
On 7th February, in an endorsement for the cryptocurrency, Musk tweeted “who let the Doge out,” mimicking lines from the famous song by a Baha Men. The coin has also received attention from California rapper Snoop Dogg by putting up an image of a dog tagged “Snoop Doge” on his Twitter timeline.
Aslo Read: Jeff Bezos: An Inspiration to all
