Just in case you did not hear the news, Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin (BTC). The company also said it would start accepting bitcoin as a payment method for its products. CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin and dogecoin, by posting positive messages on Twitter that have encouraged more people to buy the digital currencies.
Bitcoin prices surged to new highs Monday following Tesla’s announcement, reaching a price of $44.200 on Monday. Tesla shares were up more than 2% Monday morning. In its SEC filing, Tesla warned investors of the volatility of bitcoin’s price. BTC hit an all-time high of nearly $48,000 on Tuesday.
Former hedge-fund manager Michael Novogratz predicted to Bloomberg in an interview that the cryptocurrency will hit $100,000 by the end of 2021 as other companies follow Tesla in accepting bitcoin as payment.
Bitcoin’s year-to-date gain is up more than 60% in 2021. That is against a 4% rise for the S&P 500 SPX and an 8.5% gain for the Nasdaq Composite Index COMP, while gold is down around 3% and crude oil prices CL.1 are up 20%.
MicroStrategy‘s share price whose CEO Michael Saylor is an avid bitcoin bull, surged 22% on Tuesday, bringing its gain this week to over 50%, and it has surged over 200% so far in 2021.
Canadian financial technology firm Mogo, which in December said it would invest up to 1.5 million Canadian dollars in bitcoin, jumped 45% on Tuesday, bringing its gain since Tesla’s announcement to 85% and giving it a stock market value of $318 million.
PayPal Holdings joined the cryptocurrency market in October, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. Its stock has surged 21% in 2021.
With companies investing in Bitcoin and the new price surge, keep an eye on the soaring digital currency for the right opportunity to trade.
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