Tesla announced Monday that it bought $1.5 billion worth of Bitcoin (BTC). The company not only invested but plans to start accepting Bitcoin as a payment for its products.
Bitcoin’s price jumped as much as 15%, with prices exceeding $44,000 for the first time.
Tesla Inc. (Nasdaq: TSLA) CEO Elon Musk has had a huge impact on raising the prices of cryptocurrencies, including Bitcoin, through his influence on Twitter. (Even changing his display picture to an image of BTC.)
But a key thing to keep in mind is that Musk has a large position in the crypto…
Does this news set the scene for institutional acceptance of Bitcoin and give corporations the green light to hold cash in Bitcoin? Should you follow Elon Musk into the crypto space? Where is BTC’s price going from here?
You can hear the answer to all of those questions and more by tuning into this week’s round table discussion with Midas Letter founder James West and other WealthPress traders.