The price of bitcoin rose above $ 47,000 on Tuesday, based on earnings following news that electric car maker Tesla has invested $ 1.5 billion in the cryptocurrency and may accept it as a future payment for the products .
After hitting a record close to $ 44,000 on Monday, BTCUSD’s bitcoin prices
it hit $ 45,000, $ 46,000 and $ 47,000 later that night, according to CoinDesk. Prices were last quoted at $ 47,651 on Tuesday.
The Tesla TSLA sparked the new rise of bitcoins.
regulatory presentation to the Securities and Exchange Commission on Monday. He revealed that Tesla acquired $ 1.5 billion in bitcoins in January and plans to accept it “as a form of payment for our products in the near future, subject to applicable laws and initially to a limited extent, which we may or may not liquidate. after receiving it. ”
Read: Musk’s Tesla says it invested $ 1.5 billion in bitcoins and sent the cryptocurrency to record levels close to $ 44,000
This is how Musk has recently been expressing support for cryptocurrencies on his Twitter account.
For Bitcoin loyalists, it was a monumental move by a large company to invest in digital currency and enable payments. But on the other hand, some analysts questioned Tesla’s move, given the volatility of the cryptocurrency, as well as the stock prices of the electric car maker.
Even if the price of Bitcoin multiplied by five over the past year, it could still fall, customers Ipek Ozkardeskaya, a senior Swissquote analyst, told clients in a note. “The high volatility of Bitcoin’s value, therefore, will inevitably inject some volatility into Tesla’s revenue and decrease the company’s predictability of performance.”
Bitcoin’s profit to date has increased by more than 60% in 2021. This represents a 4% increase for the S&P 500 SPX,
and an 8.5% gain for the Nasdaq Composite Index COMP,
while GC00 golden,
falls around 3% and the price of crude oil CL.1,
increase by 20%.
Read: Should I buy dogecoin? Why cryptocurrency prices are rising, but risky