Tesla buys Bitcoin
Welcome back, I’m Kathleen Bitcoin. I’m 20 years old, new to the bitcoin world, and here to write on the current hot topics in bitcoin while I learn about it along the way.
It’s been a bit since this happened, but I figured I’d talk about it anyway. Recently, Tesla purchased $1.5 billion worth of bitcoin.
They said they bought it for “more flexibility to further diversify and maximize returns on our cash.” They also said they would be accepting bitcoin as a form of payment soon, though initially on a limited basis. Tesla is the first major auto company to do this!
Because of this big move, bitcoin’s prices jacked up to $44,200, now $48,850 (2/25/21); and we have Elon Musk to thank for that. He also has been posting many tweets about bitcoin on Twitter and added the hashtag #bitcoin to his bio. This was before his company bought $1.5 billion in bitcoin, but even just doing that caused the prices to rise a bit as well. He has a big influence and a big audience, and because of this, he has caused bitcoin to rise in its worth!
Elon Musk also decided to buy bitcoin because of an exchange he had with MicroStrategy CEO Michael Saylor, who in December announced his company had accumulated $1.3 billion worth of bitcoin.
Side note, Michael Saylor has another company, Saylor Academy, that offers free classes. I’m taking Pre-College English right now, and highly recommend you look into it if interested.
There’s a lot of debate on whether this was a smart move or not for the company, what with bitcoin changing in price. Right now, it’s on track to keep going up, but that doesn’t mean things can’t change, and that’s what the question stems from. Only time will tell, though! And for everyone else that owns bitcoin, they’re extremely pleased with the purchase because now their bitcoin is worth more!
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