author: Bart Swiatek
Tesla Boosts Bitcoin Exchange Rate to Nearly $50k per Piece
Elon Musk's Tesla spent $1.5 billion to buy the world's most popular cryptocurrency - Bitcoin. As a result, the virtual coin's exchange rate shot up to a record high of $47 Thousand.
IN A NUTSHELL:
- Tesla invested $1.5 billion in Bitcoins;
- The exchange rate of the cryptocurrency jumped to a record level of almost 47 thousand dollars;
- Some experts wonder whether other companies will make a similar move.
Fortune reports that Tesla, the company founded by Elon Musk, has invested $1.5 billion in Bitcoin and intends to start accepting the cryptocurrency as a means of payment. In response to these reports, the exchange rate of the virtual coin shot up, reaching record levels - currently, we have to pay as much as $46,068 for one Bitcoin.
Will Tesla pave the way for others?
The situation is widely commented by experts and investors, who note, among other things, Elon Musk's enormous influence on financial markets and the unprecedented scale of his investments. Below, Ethan Embry refers to Elon Musk's tweets regarding another cryptocurrency called DogeCoin
Some are also wondering which companies will be the next to decide to make similar moves. For example, Apple comes up in tweets.
The situation can also have an impact on our industry - as we know, the rising Bitcoin exchange rate can negatively affect the prices of GPU, which are used to mine for cryptocurrencies. This is very bad news, especially if we take into account the fact that both poor availability and other factors have already led to considerable price increases in this market.