Elon Musk Reveals Tesla Will Increase $1.5 Billion Bitcoin Holdings, Boosting The Price !!!
Tesla TSLA -0.9% chief executive Elon Musk—whose tweets regularly move the bitcoin price (as well as other cryptocurrencies)—has revealed people can now buy a Tesla car with bitcoin.
In a series of tweets, Musk said that bitcoin paid to Tesla will be retained as the cryptocurrency and not converted back to dollars, adding to Tesla's $1.5 billion worth of bitcoin it bought last month.
MORE FROM FORBES
Tesla Billionaire And Bitcoin Bull Elon Musk Is Actually The 'Answer' To Climate Change, Claims Former Trump Comms Director
By Billy Bambrough
Elon Musk, Tesla, bitcoin, bitcoin price, image
Tesla billionaire Elon Musk regularly moves the price of bitcoin and other cryptocurrencies with his ... [+] GETTY IMAGES
PROMOTED
The bitcoin price, already up by almost double so far this year, jumped on Musk's announcement, climbing back over $55,000 per bitcoin after losing ground during the last few days.
Currently, only U.S. customers will be able to buy a Tesla with bitcoin, though Musk said bitcoin payments will be available outside the U.S. later this year. He added that Tesla only uses internal and open source software for its bitcoin transactions and operates bitcoin nodes directly.
MORE FOR YOU
Bitcoin Is Braced For A Huge $6 Billion Price Earthquake This Week
Legendary Investor Warns Bitcoin Ban ‘Likely’ As Price Suddenly Soars Toward $60,000
As The Bitcoin Price Blasts Through $60,000, Tesla Billionaire Elon Musk Is More Concerned With ‘Joke’ Bitcoin Rival Dogecoin
The bitcoin price has surged by over 700% during the last 12 months, partly due to Musk's pro-bitcoin and cryptocurrency tweets and Tesla adding bitcoin to its balance sheet—following in the footsteps of U.S. software company MicroStrategy MSTR +3.6%.
"Tesla's decision to both accept payment for its cars in bitcoin and hold that bitcoin on its balance sheet rather than convert it to dollars will likely build more momentum for the cryptoasset," Simon Peters, cryptoasset analyst at brokerage eToro, said in emailed comments.
"Tesla and other companies are showing that crypto is here to stay, and its mainstream adoption is only going to increase. In terms of market dynamics, as more companies hold bitcoin on their balance sheet, so the finite supply is depleted even more, and this is likely to cause a supply-side squeeze and boost prices over the longer-term."
News 
Market Data 
Discover 
