Elon Musk: Why has Tesla bought up bitcoin? | City & Business | Finance

The news has caused a stir on the markets with crypto investors singing Elon Musk’s praise.

Paolo Ardonino CTO of Bitfinex, said: “Today’s rise to a new bitcoin all-time high comes as Elon Musk’s Tesla invests US$1.5B into the world’s biggest cryptocurrency.

“The diversification of Tesla’s investment policy into digital assets adds further momentum to bitcoin’s rise as institutional investors are rushing towards the king of crypto.

“The tectonic plates of the global investment landscape have shifted.

“Etheruem and alt-coins are also in the green while Tether tokens (USDt) make their way towards a market capitalization of $30billion.”

Michael Saylor, CEO of MicroStrategy, tweeted: “Congratulations and thank you to @elonmusk and @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.”

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