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Monday, August 15, 2022

Bitcoin Price Will Cross $47,000 As Tesla Provides Much-Needed Boost

The Bitcoin price went just a few marks over $47,000 which is the highest value that the world’s largest cryptocurrency has ever reached. The market cap of Bitcoin stands at an impressive $855 million- which is around $40 million more than the complete value of every Tesla share. Interestingly, Tesla played a major role in the surge of the Bitcoin price. In the early trading session, Bitcoin seemed to have been selling at a value of $39,000- which was $3,000 below its previous level. 

Tesla Is Certainly Enabling The Bitcoin Price

In the meantime came the news that Tesla had already bought shares worth $1.5 billion in this cryptocurrency. In the ensuing chaos, the price of Bitcoin went above board- at $43,000. According to data provided by CoinMarketCap, the price kept still for a couple of hours- but then started moving upwards. It soon touched barriers of $44,000, $45,000, $46,000, and then stopped at $47,000 briefly.

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Needless to say, this investment by Tesla in Bitcoin was surely a boost to the electric car company. The investment of Bitcoin multiplied tenfold- an increase of several hundred million- which was reached within a day. This also implies that the Bitcoin price might soon be moving towards a previously unimaginable sum of $50,000. 

It needs to be mentioned that Tesla isn’t the first company that has put Bitcoin on its radar. MicroStrategy- one of the many intelligence firms headed by Michael Saylor has already invested close to $1.5 billion to buy the cryptocurrency. His desire has been matched by his sale of securitized debt- which would allow him to get hold of more digital assets. Currently, the total value of Bitcoin is $3.2 billion. 

The aggressive strategy used by MicroStrategy has certainly helped Bitcoin attain its famous bull run while clearing the pathways for a few other companies. Several companies like Square had bought Bitcoin when the price was a shadow of its current self. And now, they are rolling in money, owing to the tumultuous Bitcoin price. 

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