Elon Musk, a business tycoon, founder of a rocket company, SpaceX, and investor of Tesla, is putting his best efforts into revolutionizing transportation on earth and space through electric car maker Tesla and rocket producer SpaceX. His ultimate goal is to build cutting-edge technologies, colonize other planets and accelerate the world’s transition to sustainable energy.
Musk is also interested in making money through financial speculations. He is supporting bitcoin and other cryptocurrencies on Twitter. Tesla’s CEO spent $1.5 billion on bitcoin and recently announced that it would accept bitcoin and other cryptocurrencies as a form for payment for its products.
Elon has updated the investment policy of Tesla in January to fortify the position of his company by showing that he is willing to invest in digital currencies and had already bought $1.5 billion of bitcoin.
Tesla is closely associated with bitcoin in terms of market value, as it immediately jumped 20%, exceeding $44,000, after Elon Musk changed his Twitter bio to #Bitcoin.
Elon Musk’s decision is a massive sign that he supports the controversial cryptocurrencies, which has been condemned for money laundering and fraud. Bitcoin is not the only cryptocurrency he is investing in; Musk is also endorsing another digital currency, Dogecoin, by describing it as the people’s crypto.
After his tweet, the value of Dogecoin experienced a sharp rise in the prices, more than $10 billion, which is the highest record.
Elon Musk’s apparent intention is to support cryptocurrencies and accept payments in bitcoin to make revolutionary changes in the cryptocurrency market. Let’s wait and watch whether Tesla will get a competitive advantage in accepting bitcoin as a payment method.