{"id":2961,"date":"2021-02-09T17:29:49","date_gmt":"2021-02-09T17:29:49","guid":{"rendered":"https:\/\/businessner.com\/?p=2961"},"modified":"2021-02-09T17:31:15","modified_gmt":"2021-02-09T17:31:15","slug":"bitcoin-briefly-hits-48000-record-as-tesla-buys-1-5-billion-worth-of-cryptocurrency","status":"publish","type":"post","link":"https:\/\/businessner.com\/bitcoin-briefly-hits-48000-record-as-tesla-buys-1-5-billion-worth-of-cryptocurrency\/","title":{"rendered":"Bitcoin briefly hits $48,000 record as Tesla buys $1.5 billion worth of cryptocurrency"},"content":{"rendered":"

Bitcoin price surged above $46,000 to an all-time record after Elon Musk\u2019s electric vehicle company Tesla announced that it has bought $1.5 billion worth of bitcoin.<\/p>\n

Tesla has also said it will start accepting payments in bitcoin in exchange for its products starting on a limited basis and subject to applicable laws.<\/p>\n

In a filing<\/a> before the US Securities and Exchange Commission, Tesla disclosed that since last month,\u00a0 it has updated the investment policy \u201cto provide more flexibility to further diversify and maximize returns in cash\u201d that is not required to maintain adequate operating liquidity.<\/p>\n

Tesla said it has invested $1.5 billion in bitcoin as part of its company policy to “invest a portion of [the company’s] cash in certain specified alternative reserve assets.”<\/p>\n

The company had more than $19 billion in cash and cash equivalents on hand at the end of 2020, according to its most recent filing.<\/p>\n

The announcement also helped boost the price of bitcoin that was up 12% in Monday\u2019s morning trading while Tesla share were also up 2% in early trading.<\/p>\n

Tesla\u2019s announcement of its bitcoin purchase has raised questions around the company\u2019s CEO Elon Musk who has been actively tweeting about cryptocurrency in recent weeks. Mr. Musk has also added “#bitcoin” to his Twitter profile page, which further drove up the price of the digital currency.<\/p>\n

As a result of Musk\u2019s hyping of the digital monies, cryptocurrencies like bitcoin and dogecoin has seen remarkable surges in their value in the past weeks.<\/p>\n

The world\u2019s largest cryptocurrency was trading 15% higher at $44,141 after Tesla\u2019s announcement on Monday, according to Coin Metrics. Bitcoin just finished a banner year with its price more than quadrupling in 2020.<\/p>\n

The following day after Tesla\u2019s announcement,\u00a0 bitcoin price further accelerated briefly to an all-time high of above $48,000 on Tuesday morning as investors rushed into buying the digital currency. The rally however slipped slightly but was up 6% to $46,214 before closing.<\/p>\n

Despite the excitement on the digital currency, many analysts believe bitcoin remains very volatile but the decline in value of the dollar could support the bitcoin price further, with some investors seeing the cryptocurrency as a hedge against a drop in the value of traditional currencies.<\/p>\n

\n

Read More Stories: Nigeria\u2019s Okonjo-Iweala to Become WTO\u2019s First Woman and African Director-General<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price surged above $46,000 to an all-time record after Elon Musk\u2019s electric vehicle company Tesla announced that it has bought $1.5 billion worth of bitcoin. Tesla has also said it will start accepting payments in bitcoin in exchange for its products starting on a limited basis and subject to applicable laws. In a filing […]<\/p>\n","protected":false},"author":4,"featured_media":2962,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Tesla's Bitcoin Purchase Sends Price Soaring to All-Time High","_seopress_titles_desc":"Find out how Tesla's investment in bitcoin sent the digital currency's price skyrocketing, along with the impact on Elon Musk's reputation as a crypto influencer.","_seopress_robots_index":"","tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[41,19],"tags":[],"_links":{"self":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/2961"}],"collection":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/comments?post=2961"}],"version-history":[{"count":2,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/2961\/revisions"}],"predecessor-version":[{"id":2964,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/2961\/revisions\/2964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media\/2962"}],"wp:attachment":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media?parent=2961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/categories?post=2961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/tags?post=2961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}