Elon Musk joins #bitcoin club as Tesla buys $1.5 Billion in Bitcoin

The electric car firm said it will accept Bitcoin as payment for its products.

Elon Musk
Image: https://www.flickr.com/photos/jurvetson

The Bitcoin shares skyrocketed by 20% in the market, thanks to Elon Musk’s Teslawhich purchased $1.5 Billion worth of Bitcoin, as announced by the company on Monday following its investment. Tesla’s huge investment in Bitcoin came after the company updated its investment policy last month. Bitcoin, which was rather believed as a joke by financial analysts, witnessed its shares’ shoot up by 20% as it crossed a whopping $44,000 after the news of Tesla’s investment came through. The company also announced that it will start accepting payments in the form of Bitcoins, which will be applicable as per trading laws and in a limited manner initially.

Why is Bitcoin a no-go zone for many investors?

Bitcoin

Bitcoin has been a controversial issue since its inception. This cryptocurrency is generated after several high-powered computers compete against one another to solve complex mathematical puzzles. The ones who make it through in the fastest time trigger the generation of a cryptocurrency, also known as Bitcoin mining. These can also be called digital currencies and can be used in sending or receiving digital wallets. They will not yield you any dividends, and the volatile value of these bitcoins is only as much as the other person is ready to pay for them. However, if the other person is the richest person on the planet, the same Bitcoin may turn out to be more than a fortune.

Will Elon Musk Turn Bitcoin Green?

Tesla Elon Musk

Elon Musk, the maker of Electric cars and a supporter of a carbon-free world, ironically backed Bitcoin that is deemed to contribute to the carbon emissions, given its massive generation process. Although one may believe that being a digital currency, Bitcoin is not much of a hassle; however, environmentalists have been against its mining due to its high computing power, which eats up so many resources. Reportedly, Bitcoin’ mining’ gobbles up the same amount of energy as devoured by the Netherlands in 2019, according to statistics.

Elon Musk Bitcoin

Dogecoin goes Sky-high as Musk tweets to back the Crypto

Musk’s recent tweets like “Dogecoin is the people’s crypto” and “No highs, no lows, only Doge,” and a recent poll on the future currency of earth signaling towards Dogecoin was enough for his followers to fathom that cryptocurrency is the next best thing. These tweets supporting Dogecoin by Musk and other celebrities sent Dogecoin to record high. While many experts don’t rely on or Dogecoin, or other cryptocurrency’s credibility, there are buyers who are ready to take risks. However controversial or futile people may find Bitcoin to be, the ways markets have reacted to Tesla’s Bitcoin purchase speak volumes about the markets’ irrational capacity.

 

About NITI SHARMA

AvatarI am a post-graduate in Computer Science. After years of Teaching and corporate experience, I have found great interest in writing for online journals and websites. I write stories & news based on Politics, Religion, Health & Lifestyle, Culture, and Technology & Science. I believe that great content is required in these times of Digital learning and awareness. I aim to update my readers with the latest news in and around the globe and also familiarize them with the ancient facts and mysteries that surround us. I also love to read, travel, and spend time with my kids.

Have a tip we should know? tips@rhd.news

Most Read

  1. Asia Pacific
    Myanmar Coup: Police Launch Most Extensive Crackdown
    2 hours ago
  2. U.S.
    Biden Visits Texas Amid Recovery From Deadly Cold Storm
    2 hours ago
  3. U.S.
    US Justice Department Has Charged More Than 300 in Capitol Riots
    7 hours ago
  4. Europe
    Elephant Kills Zookeeper With Trunk in Spain
    1 day ago
  5. WORLD
    Jamal Khashoggi: Biden Raises Human Rights in Call With Saudi King
    1 day ago
  6. WORLD
    India, Pakistan Agree To Stop Cross-Border Firing in Kashmir
    1 day ago
  7. Middle East
    Israel Freezes Plan To Send Vaccines To Foreign Allies
    1 day ago

Follow @rushhourdaily: