Bitcoin spiked as Elon Musk claims it can buy Tesla

Bitcoin price surged as Elon Musk that cryptocurrency can buy his company, Tesla.

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Bitcoin price surged as Elon Musk that cryptocurrency can buy his company, Tesla.

It can also buy Tesla vehicles. Moreover, he has invested so much of the Bitcoins in the company with about $1.5 billion. This can make Bitcoin closer to mainstream use. 

Musk revealed the new purchase option on Twitter early Wednesday morning, tweeting: “You can now buy a Tesla with Bitcoin.” However, the payment option will only be available in the US. It may be available in other countries but coming years.

Musk said the Bitcoin paid to Tesla “will be retained as Bitcoin” and not be converted to fiat currency, boosting the company’s $1.5 billion holding in the cryptocurrency that it announced in February. 

The announcement of Tesla’s acceptance of Bitcoin once again places Musk at the center of a cryptocurrency spike. Bitcoin has been surging more than 15% in 15 minutes when he added the hashtag #bitcoin to his profile at the end of January and Dogecoin, a cryptocurrency originally invented as a joke has soared in value with Musk’s vocal online support, proving especially popular among retail traders. 

$1.5 billion. Tesla spurred a surge in institutional interest in Bitcoin when it announced the significant investment, fueling a huge rally. Many other institutions, including BNY Mellon and MasterCard, announced plans to utilize the cryptocurrency. 

“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people,” Tesla CEO Elon Musk said on Clubhouse earlier this year.