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Date:
08th Jan 2021
Author:
CryptoAltum Research Team

Bitcoin Price Hits $40k, Worth More than Tesla but Will Elon Musk Accept BTC?


Two things happened in crypto on Jan 7. One, the Bitcoin price printed a new high of around $39.6k. The result pushed the asset's market cap to above $717 billion, a mega valuation that saw Satoshi's innovation eclipse Tesla's $716 billion. Second, Elon Musk, the CEO of Tesla, surpassed Jeff Bezos as the richest man in the world with a net worth of over $185 billion. A Bitcoin ATM was spotted at Tesla's Giga factory in Nevada. However, Elon is yet to confirm if they will accept BTC.


Details:

With one Bitcoin, you can acquire a brand-new Tesla and still pocket some change. That's how rapid the Bitcoin price's expansion has been over the last six months or so. Bitcoin enthusiasts say the coin has demonstrated that it can be more than a store of value. It can be peer-to-peer electronic money, as Satoshi Nakamoto envisioned. It is supported by several firms but apparently not Tesla. Elon is not carving to pressure, but he, from time to time, comments on crypto events, even declaring that he is the CEO of Dogecoin--a joke crypto that has more than doubled in the last week alone. Undoubtedly, when Elon and Tesla say yes to Bitcoin—perhaps in partnership with a payment processor, sales may skyrocket. Most importantly, the BTC value may explode even higher.


Impact on the BTC Price: 

Neutral. Elon is a big fan of crypto, keeping up with tabs. However, even with BTC attracting institutional interest, the billionaire and Tesla are yet to accept BTC as a payment means. Approval will accelerate BTC's rise to $100k, legitimizing Bitcoin as a reliable transactional layer.


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