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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