The founder of SpaceX Elon Musk is mostly known for promoting cryptocurrencies on his social media.
On January 29, Elon Musk added #Bitcoin on one of his social media platforms and the world’s largest cryptocurrency rose higher to 14%. Musk’s tweet about cryptocurrency, not just soared Bitcoin price but another digital currency GBTC (Grayscale Bitcoin Trust) also soared 21 percent.
Musk’s Tesla Inc announces to accept Bitcoin as a form of payment shortly which means Tesla is going to become one the biggest company to invest in Bitcoin. After updating tesla’s new investment policy, what Tesla announced about Bitcoin cryptocurrency is:
“We hope to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,”
On the other hand, there is another part of the announcement of Tesla’s investment in Bitcoin buried in the 2020 annual report of Tesla as it revealed Tesla invested $1.5 billion in Bitcoin already. Thus, the price of the cryptocurrency was at $ 43,725.51 with an increase of 13% when Tesla moved into Bitcoin.
However, while revealing his strategy in Bitcoin investment, Elon Musk said Tesla’s investment in digital currency might lead other alternative assets to grow. On the other hand, some analysts and business insiders believe that Musk’s investment in Bitcoin is his investment for the next space programme.
Elon Musk is a game-changer as earlier he tweeted about other digital currencies like Dogecoin and Gamestop and it led to 50 and 60 percent growth respectively but eventually, we don’t know the real reason behind Musk’s endorsement to other cryptocurrencies.