Elon Musk sparks bitcoin frenzy: Tesla puts $1.5BN in currency– will accept crypto payment
Bitcoin sees price surge following Elon Musk endorsement
Today Tesla announced it was pumping $1.5billion (£1.09billion) into bitcoin leading to a surge in price per coin and predictions “that mainstream adoption of bitcoin” is inevitable. Speaking to Express.co.uk Samantha Yap Founder and CEO of YAP Global said: “News of Tesla as one of the hottest tech stocks, putting $1.5billion into bitcoin is just another big signal that mainstream adoption of bitcoin is coming and inevitable. For this news to come out the same day CME is launching Ethereum Futures, is positive for the overall sentiment of cryptocurrencies.”
Bitcoin pioneer Max Keiser also spoke to Express.co.uk and said: “Elon’s $1.5 billion bitcoin purchase is another domino falling with thousands more to come.
“The biggest risk now for individuals and corporations is not owning Bitcoin.
“Central banks will never stop printing trillions and there will only ever be 21 million bitcoin.
“Do the maths.
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“My 2021 price target of $220,000 is just a stepping stone to much higher prices.”
The news of Tesla’s adoption of bitcoin was welcomed by billionaire investor Michael Saylor.
Today on Twitter Mr Saylor said: “Congratulations and thank you to Elon Musk and Tesla on adding Bitcoin to their balance sheet.
“The entire world will benefit from this leadership.”
Included in today’s announcement was Tesla’s commitment to “begin accepting bitcoin as a form of payment for our products in the near future”.
Elon Musk has been credited for boosting the price of bitcoin, through his messages on Twitter and the new social media app Clubhouse.
The world’s preeminent cryptocurrency received a boost last week because of the comments made by Elon Musk on the Clubhouse social messaging app.
Mr Musk said: “I am a supporter of Bitcoin.
“Bitcoin is on the verge of getting broad acceptance from conventional finance people.
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“I make jokes about Dogecoin, but they are made to be a joke.
“Dogecoin was made to be a joke.”
Twitter chief Jack Dorsey is also confident about bitcoin.
Speaking to the Tales from the Crypt podcast in 2019 Mr Dorsey said: “I think there’s a massive acceleration that’s going to happen within the next 10 years.”
He then referred to his payment platform Square Inc. that supports Bitcoin trading and said: “I don’t wait around for that to happen to me or to us as a company (Square), I want to help make it happen.
“To me , it all goes back to the internet.
“What does the internet want to be?
“It wants a currency, it’s always wanted a currency, it just hasn’t had the technology until 10 years ago.”
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