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Finance

Elon Musk Helps Increase Bitcoin Stocks After Buying Worth $1.5 Billion

“I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin”

Bitcoin, which is undeniably the most famous cryptocurrency, saw a staggering increase in its stock after Tesla bought $1.5 billion worth of bitcoin. 

Tech giant and CEO of Tesla, Elon Musk, also promoted Bitcoin and other cryptocurrencies on Twitter, and the electric car company is looking forward to accepting Bitcoin as a mode of payment for its products in the near future. Following the announcement, it was reported by CoinDesk that Bitcoin prices jumped over 10%. 

The reason for making the huge purchase was revealed: “more flexibility to further diversify and maximize returns on our cash.”

About a month ago, Elon Musk added “#bitcoin” to his Twitter bio, which made headlines and caused the prices of the digital currency to jump to over 20%. Two days later, Elon also said, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin” on the social media platform of Clubhouse. 

Musk has previously gotten in trouble for his influential market-moving tweets, but it’s unsure if that also applies to his recent tweets about bitcoin. For example, in 2018, the Security and Exchange Commission charged him with fraud when he made “false and misleading” tweets about taking Tesla private. 

Credits: usfunds.com

Multiple other companies have also joined in the purchase of Bitcoin, including MicroStrategy Inc., which bought $425 million worth of bitcoin last year. Its CEO Michael Saylor is said to have influenced Musk into buying such a large about of Bitcoin, as he tweeted to Musk in December saying, “… I have purchased over (a total) of $1.3 billion in #BTC in past months and would be happy to share my playbook with you offline – from one rocket scientist to another.” Galaxy Digital Holdings and Grayscale Investments are also among the top buyers of Bitcoin. Many companies bought it as investment funds on behalf of their investors and as a reverse asset. 

2020 proved to be a great year for Bitcoin, as its prices quadrupled over the year and are still rapidly increasing. Today, the price of 1 Bitcoin equals about 46,500 US dollars, which is approximately 7.41 million Pakistani Rupees.

Reported by: Ehtihsam

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