Elon Musk’s Tesla Buys Bitcoin Worth $1.5 Billion, To Accept The Cryptocurrency As Payment

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The value of the most famous cryptocurrency Bitcoin reached the new all-time high level with a surge of about 13% on Monday. Earlier, Tesla, an electric car maker, said it had invested $1.5 billion in Bitcoin last month. Bitcoin was trading at $43,737.73 at 7.40 pm.

According to The KcoinMarketCap, it has touched a high level of $43,978.25 in the last 24 hours. 10 days ago, Tesla CEO Alan Musk tagged Bitcoin in one of his social networking accounts. After that day also, bitcoin sprung up. Tesla also said on Monday that it hopes to accept its cars and other products in Bitcoin soon.

Bitcoin becoming popular as an investment medium

Tesla’s investment has once again indicated that Bitcoin is gaining acceptance as an investment medium. Today, when governments around the world are giving a large-scale relief package and the central banks are printing large-scale notes in the market, people who trust in Bitcoin say that bitcoin can save the value of the property from the impact of inflation.

Could soon reach $45,000

Edward Moya, the senior market analyst at forex broker Onda Corp., said that if retail and institutional investments are invested in Bitcoin by next month, it could surpass the level of 45,000 dollars. So far this year, Bitcoin has given a return of about 50%. On January 2, 2021, Bitcoin was trading at about 30,000 dollars.

Bitcoin’s value rises 8.84 times after March fall

Bitcoin’s value has increased by 8.84 times since the March decline. On March 13, 2020, Bitcoin was trading at 4,970 dollars. Bitcoin’s value has increased by 8.84 times at its highest level on Monday. That means, the investors have given a return of 784% during this. For the first time on December 17, 2020, it crossed the 20,000 dollar level.

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