Worlds richest man Elon Musk announced that his company Tesla invested $1.5 billion in Bitcoin and plans to begin accepting the digital currency as payment for its vehicles soon. The price of Bitcoin soared over 20% to above $46,000 Monday after this announcement. Tesla share price moved higher as well.
Bitcoin made its debut in December 2017. Major futures exchanges rolled out bitcoin futures, pushing it to roughly $19,300. It evaporated quickly in 2018, and by December of that year Bitcoin was worth less than $4,000 a coin. Recently bitcoin rallied from below $11,000 in October and crossed $40,000 for the first time in its history.
Some said This move could put more momentum into shares of Tesla and Bitcoin if more companies follow Elon’s lead and purchase the crypto currency.
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