Tesla buys Bitcoin

Bitcoin Hits New Record High Over $43K on Tesla News

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Cryptocurrency is one of the most known digital currencies in the world. There are various such cryptocurrencies available in the market. Bitcoin is one such currency that was invented in 2008. Recently cryptocurrency has gained too much attention when Tesla founder Elon Musk has talked about Bitcoin through his Twitter, social media handle. Now Bitcoin jumped to a fresh record high on Monday. This jump is done after Elon Musk has announced the purchase of $1.5 billion of the cryptocurrency. Elon Musk considered among the top richest people in the world takes any step towards cryptocurrency leads to the high prices of such currencies.

Tesla buys Bitcoin

Cryptocurrency largest Surge

According to the sources, this is the largest Surge in cryptocurrency. The surge has been about 11% to more than $43,000. It was found that this surge has surpassed even the previous leak which was a peak price of $41,962 and it reached that price on January 8, 2021. Later it was found that Elon Musk has taken a step and now is open to acquiring and holding digital assets from time to time or for the long term.  Even when Musk tweeted #bitcoin that time also the price of the currency has shown a sharp surge in its price. Even Tesla is now planning to invest cash reserves into digital assets or gold coins if gold exchange-traded funds and even in future various other such equipment.

Payment in Cryptocurrency

With the introduction of such an amazing purchase and surge in the prices of Bitcoin. Tesla also announced that soon they are planning to accept payments in form of the cryptocurrency. This will be done for its products but on a limited basis. If Tesla turns out to be successful in this process it will make Tesla the first automaker company to do so. This purchase by Tesla will provide liquidity when they will start accepting the payments.

Big Investment

If we over the data it shows that at the end of the year Tesla will have over $19 billion cash and cash equivalents according to its fourth-quarter and full-year financial results. Now, this purchase of Bitcoin is a big investment by the company.

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Author

Somya Somya

Somya is an associate writer at the media hub. Quiet by nature, She is an avid Lacrosse player. She regularly contributes to the technology section and manages staff writers. You can contact him at [email protected]

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