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.
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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