1 August 2026
Tesla invests in Bitcoin, may drive value to $50K.
Bitcoin's market has been open to volatility since the beginning of the year. Today, the world's largest cryptocurrency has reached $47,000 - a new all-time high. Its market cap is currently $855 million around $40 million more than the value of all Tesla's shares.
Tesla- the electric car maker, has played an important role in producing today's Bitcoin price surge. In early morning US trading, the selling price of Bitcoin was around $39,000 about $3,000 below its previous all-time high.
As per the market data of CoinMarketCap, the moment the news of Tesla buying $1.5 billion Bitcoin flashed; the price moved above $4,000 within an hour. After plateauing for a few hours it continued the upward trend, hitting the barriers of $44,000, $45,000, $46,000, and $47,000.
That implies Tesla's holdings in BTC have increased by several hundred million in just 24 hours. It also implies that a price near $50,000 that seemed impossible a few months ago is within reach.
Tesla isn't the first company to buy Bitcoin, MicroStrategy- a business intelligence firm has also spent $1.15 billion to buy Bitcoin. Today, its 71,079 BTC is $3.2 billion.
Square- a payments firm run by Twitter CEO Jack Dorsey has also purchased around 4,709 Bitcoin for $50 million in October; at that time coin was around $10,600. The price of Bitcoin has increased four times since then.
An analyst with RBC Capital Markets, the Royal Bank of Canada's investment wing, has also suggested Apple should buy cryptos and hold it in reserve. Meanwhile, the Miami Mayor- Francis Suarez, is also planning to make the Florida city a global hub for crypto.
Explore related on CoinsCapture
Topics
Discussion
0 comments