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Date:
25th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Buy Tesla with Bitcoin; Analysts Convinced BTCUSD will Reach $100k

Tesla, the giant electric automaker, now accepts Bitcoin for brand-new cars, an update on Mar 24 reads. Accompanying the news was a sharp recovery of BTC prices from around $54k to over $56k. Analysts, banking on increasing adoption as the next trigger for a wave higher, expect the digital gold price to print new highs, even reaching $100k by the end of the year. 


Details: 

The most valuable automaker now accepts Bitcoin. Interestingly, and unlike other announcements before, Tesla won't convert BTC to USD. Instead, they prefer HODLing the asset, a net positive. It is another confirmation from the carmaker that Bitcoin's future is bright. Tesla already runs Bitcoin nodes. Again, in February, they invested $1.5 billion in BTC. Given the move from Tesla, analysts are confident others will follow suit, cementing BTC's role as a medium of exchange and store-of-value, a reason for another moonshot to $100k. 


Impact on the BTC Price: 

Bullish. Preceding the blockbuster announcement from Tesla, on-chain analysts pointed to a wave of BTC accumulation and flow to wallets known for their HODLing tendencies. Therefore, once Tesla made public their support for BTC, prices tore higher, snapping back towards $60k and 2021 highs. Sustained buy pressure will push prices towards $62k and even $100k in the medium term, as per permabulls' predictions.


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