Coinbase reports at this time that the Bitcoin price has gone up by 9.01% for the past 24 hours. It is for now. who knows what happens next.
The main reason behind this sudden rise is Tesla. Tesla plans to change its investment policy in January 2021. According to a report submitted to the Securities and Exchange Commission, this cryptocurrency is going to be bought for about $1.5 billion. This caused to raise the price of a Bitcoin and now it is more than $40k per coin.
Tesla has decided to take this decision of making Bitcoin a payment method according to the requests of its customers. According to the changed investment policies in January, Tesla will buy digital currencies or gold for its reserve assets. So Tesla will soon be accepting bitcoin as their payment method.
The price of Bitcoin has been on the rise since the beginning of 2021, with a growing number of companies and average buyers, but with the news of Tesla's investment, Bitcoin has now surpassed its all-time high of $46,000.
Tesla's 4th quarter, full-year financial result reveals that over 19 billion dollars of cash and cash equivalents are available at year-end, making a massive investment of 1,5 billion dollars in Bitcoin. After the company announcement, the price increased to new heights at the time of publishing, hitting a price of $45k. However, since the launch, the Company's shares have risen by more than two percent.
Only one of Elon Musk's tweets made a big difference in the price. And now the price is going to reach for 20% rise up. This is a piece of huge news and a surprise for those who are really into Bitcoin. The price keeps rising up and no one doesn't know how and when will this continuous rise of price is going to take a break.
Author of Get Basic Idea – The Knowledge Base / Bachelor of Technology – BTech, Mechatronics, Robotics, and Automation Engineering.