Bitcoin Hits New Highs After Tesla Gets Crypto Religion

February 8, 2021

0

Elon Musk revealed today in a 10k filing that Tesla has bought $1.5B of the first cryptocurrency, Bitcoin, and will accept Bitcoin at Tesla for payment going forward.

Which is just the start because now that Tesla has broken the seal - and seen its stock surge in response - expect every other company in the S&P to follow in Tesla's stock-boosting footsteps and convert a little (or not so little) portion of its cash reserves into bitcoin, sparking Bitcoin's next ramp higher to $100,000 and beyond, wrote Zero Hedge.

With the Biden administration busy furiously debasing the USD even further, alternative reserve currencies will be in high demand.

Tesla to start accepting bitcoin as payment for its products, sends price of bitcoin soaring https://t.co/BAq72e27ZP pic.twitter.com/LuNoVWOXPF
— Forbes (@Forbes) February 8, 2021

Elon Musk’s car firm Tesla buys $1.5bn (£1.1bn) of Bitcoin, causing value of the cryptocurrency to jump 14% https://t.co/3anM0kc0Jc
— BBC News (World) (@BBCWorld) February 8, 2021

CDMedia is having to harden our servers and its expensive, shameless plug for support...we are fighting the good fight but it's difficult at the moment... DONATE!

Author

CDM Staff

The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."