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The Musk effect: Bitcoin surges to $43k following $1.5 billion purchase by Telsa

CryptocurrencyFeb 08, 2021 09:00AM ET
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The Musk effect: Bitcoin surges to $43k following $1.5 billion purchase by Telsa

Elon Musk is not just hyping Bitcoin. The world’s richest man is putting his money where his mouth is. A filing with the SEC has revealed that Musk’s Tesla (NASDAQ:TSLA) invested $1.5 billion into Bitcoin in January.

As news of the purchase trickled in, the price of Bitcoin suddenly spike to over $43,000, setting a new all-time high of $43,457.86, as of press time.

Beyond investing in Bitcoin, Tesla also revealed that it would invest in digital assets from time to time, and might open its doors to bitcoin payments in the “near future.” An excerpt from the filing reads:

In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
This doesn’t come as a surprise considering the fact that Musk has in several occasions mentioned Bitcoin in his tweets. A few days ago, he changed his Twitter bio to “bitcoin”.

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The Musk effect: Bitcoin surges to $43k following $1.5 billion purchase by Telsa
 

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Comments (1)
Fabrizio Fusaro
Fabrizio Fusaro Feb 08, 2021 9:12AM ET
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So you buy bitcoin than you tweet bitcoin the price grows than you say you’ve bought bitcoin and the price grows againt than you sell some and gain (who can know.. it’s not like shares that you must file it). That’s amazing. Ponzi was an amateur.
Peemil Nicho
Peemil Nicho Feb 08, 2021 9:12AM ET
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time to buy more?
Sur Vival
Sur Vival Feb 08, 2021 9:12AM ET
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the more Bitcoin spends on everyone's radar, the faster regulators will put restrictions on it. Elon doesn't know he declared war on IMF and the feds
Adam Ryan
Adam Ryan Feb 08, 2021 9:12AM ET
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He may buy when it was around 20-30k n he miss to sell at 40k peak n got mini crash to 31k... So he tweet to sell his all positions....Smart Money
Adam Ryan
Adam Ryan Feb 08, 2021 9:12AM ET
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Peemil Nicho He may buy when it was around 20-30k n he miss to sell at 40k peak n got mini crash to 31k... So he tweet to sell his all positions....Smart Money
Fabrizio Fusaro
Fabrizio Fusaro Feb 08, 2021 9:12AM ET
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Adam Ryan  smart for sure..I'm asking if it's legal. What if all CEO's of Big companies will start tweet to influence the market? These are real money... it's not a joke... there are plenty of people around the world that are buying fake currencies like Doge insted of spending it in the real economy (same for stock insanely hypervalued like Tesla)
 
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