By Hassan Mehmood (Saudi Arabia)
Electric car manufacturer Tesla has unveiled its $1.5 billion investment in Bitcoin. The investment was revealed in Tesla’s filing with the US Securities and Exchange Commission (SEC).
According to the company’s statement, it has changed its priorities and exposure regarding money diversification. The investment in the top digital asset is a part of Tesla’s interest in alternative hedge assets. It has also revealed that the company will hold the flagship cryptocurrency for a long time because Bitcoin is the future currency.
Elon Musk, the CEO and founder of Tesla, is a fan of Bitcoin and posted many tweets about it in the past. His interest in cryptocurrency has increased with time. He even called joke cryptocurrency Dogecoin, the currency of the earth. But the recent filing with the SEC reveals that his company invested $1.5 billion in the high flying cryptocurrency rather than Dogecoin.
As news of Tesla’s investment came on the screen, the price value of Bitcoin skyrocketed as a result. Tesla pushed the price to an all-time high of $43,900 on cryptocurrency exchanges. The recent high put a fresh injection of investment from the institutional players.
In the past few weeks, it is reported that Musk’s tweets have pushed the price value of assets of various companies in the upward direction. Due to his tweets, the Dogecoin (DOGE) value has increased by 400% in a single day. The joke coin has received billions of dollars from investors after Musk’s tweets.
The latest filing of Tesla with the Securities and Exchange Commission has startled the crypto community that he is also interested in the top digital coin besides Dogecoin. The company invested $1.5 billion in January, but no one in the community had knowledge about it.
After the latest funding, Bitcoin is now part of Tesla’s balance sheet. It has now joined other publicly listed companies, including MicroStrategy and Marathon Patent Group, that invest in cryptocurrency. According to an estimation, sixteen publicly listed firms willingly put money on the top-rated cryptocurrency.
If the price value continues increasing, the next target is $50,000. Recently, Bloomberg strategists concluded that price value would target $50,000 in the short term.
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