Tesla Boosts Bitcoin!

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Tesla Boosts Bitcoin!

Tesla Boosts Bitcoin!

Bitcoin boosted by Tesla

Just in case you did not hear the news, Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin (BTC). The company also said it would start accepting bitcoin as a payment method for its products. CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin and dogecoin, by posting positive messages on Twitter that have encouraged more people to buy the digital currencies.

Bitcoin prices surged to new highs Monday following Tesla’s announcement, reaching a price of $44.200 on Monday. Tesla shares were up more than 2% Monday morning. In its SEC filing, Tesla warned investors of the volatility of bitcoin’s price. BTC hit an all-time high of nearly $48,000 on Tuesday.

Former hedge-fund manager Michael Novogratz predicted to Bloomberg in an interview that the cryptocurrency will hit $100,000 by the end of 2021 as other companies follow Tesla in accepting bitcoin as payment.

Bitcoin’s year-to-date gain is up more than 60% in 2021. That is against a 4% rise for the S&P 500 SPX and an 8.5% gain for the Nasdaq Composite Index COMP, while gold is down around 3% and crude oil prices CL.1 are up 20%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 33.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Read our Risk Disclosure.

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