Connect with us

Business

Bitcoin Surges Above $44,000 After Elon Musk’s Tesla Buys $1.5bn Worth Of Bitcoin

Published

on

Inform Others

Tesla announced that the company will start accepting as payment for its products in the nearby future as the company was trying to maximise returns on cash that is not being used in the day-to-day running of the company.

The move by billionaire Musk comes days after he added “#bitcoin” to his Twitter profile page,  another move that drove up the price.

Musk regularly talks up Bitcoin and other cryptocurrencies, including Dogecoin, currencies he has endorsed.

ALSO READ  'Crypto-Currency Is Being Used For Many Illegal Activities' - CBN

In a stock filing on Monday, February 8, Tesla said it “updated its investment policy” in January and now wanted to invest in “reserve assets” such as digital currencies, gold bullion or gold exchange-traded funds.

It said it had already bought $1.5bn of Bitcoin and could “acquire and hold digital assets” in the future.

“Moreover, we expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,” it said.

ALSO READ  Kanye West Becomes Richest Black Person In US History

Musk announced last week that Bitcoin was “on the verge” of being more widely accepted among investors.

“I think we will see an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move,” said Eric Turner, vice-president of market intelligence at cryptocurrency research firm Messari.

“One of the largest companies in the world now owns Bitcoin and by extension, every investor that owns Tesla, or even just an S&P 500 fund, has exposure to it as well.”

ALSO READ  Jeff Bezos is still the richest man in the world not Elon Musk -Forbes

Despite the rise of bitcoin, some banks remain sceptical of digital currencies. 

Nigeria’s central bank last week banned the use of cryptocurrency while in October, the Bank of governor, Andrew Bailey cautioned over Bitcoin’s use as a payment method.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” he said. 

“It may have extrinsic value in the sense that people want it.”


Inform Others

Editor's Picks For You

Advertisement
Comments
Advertisement

PICKED FOR YOU TO READ

News5 hours ago

Suspects Arrested For Offering ₦500,000 Bribe To Police In Lagos

Inform OthersThe Lagos State Police Command has arrested five suspects for stealing some construction materials belonging to China Construction Engineering...

News5 hours ago

Adeboye Visits El-Rufai In Kaduna After Release Of Kidnapped RCCG Members

Inform OthersKaduna State Governor, Nasir El-Rufai has met with the General Overseer of the Redeemed Christian Church of God, Pastor...

Abroad5 hours ago

Japan Donates $2.3m Infrastructure Fund To Borno, North East Commission

Inform OthersThe government of Japan has donated the sum of $2.3million infrastructure funds to the Borno State government and Northeast...

News11 hours ago

El-Rufai Speaks On Why He Is Sacking Public Workers In Kaduna

Inform OthersGovernor Nasir El-Rufai of Kaduna state has explained that the reason why his administration is sacking public servants in...

News11 hours ago

Gunmen Who Kidnapped FRSC Officials Arrested In Nasarawa State

Inform OthersNigerian Police Force in Nasarawa State has arrested 40 suspected kidnappers including those who abducted some Federal Road Safety...

News1 day ago

11 Internet Fraudsters Convicted In Port Harcourt

Inform OthersA Federal High Court in Port Harcourt, Rivers State has convicted and sentenced 11 internet fraudsters to various prison...

News1 day ago

Ex-Minister Jailed For 14 Years For Public Funds Embezzlement In Angola

Inform OthersA former Angolan minister was Monday handed a 14-year prison sentence for graft during his tenure, the latest conviction...

Health1 day ago

Resident Doctors Threaten To Resume Strike If Demands Are Not Met

Inform OthersMembers of the National Association of Resident Doctors (NARD) have asked the Federal Government to honour its agreement with...

Ebute Meta Train Station Ebute Meta Train Station
Local2 days ago

FG Set To Name New Train Station After Mobolaji Johnson, Shares Stunning Indoor Pictures (PHOTOS)

Inform OthersThe Federal Government is set to name its flagship train station at Ebute Metta, Lagos State after the former...

News2 days ago

South-East Governors Establish New Outfit To Tackle Rising Unrest

Inform OthersGovernors from the South East of Nigeria have established a security outfit called EBUBE AGU as part of plans...

Advertisement
Advertisement

GET OUR UPDATES ON Facebook

Advertisement
You cannot copy content of this page