Bitcoin prices soar above $43,000, hits new record after Tesla investment

Bitcoin prices soar above $43,000, hits new record after Tesla investment

Bitcoin has hit a fresh all time high as its prices soars above $43,000. This rise was witnessed just after Tesla founder Elon Musk announced Tesla’s investment.

Popular tech entrepreneur and Tesla founder Elon Musk announced that recently Tesla invested USD1.5 billion in Bitcoin and ‘may acquire and hold digital assets from time to time or long-term’. The founder said, ‘moreover, we expect to begin accepting Bitcoin as a form of payment for our products in the near-future’.

The company said that, “We updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”

The policy was approved by the Audit Committee of the company’s Board of Directors. As part of the policy, the company may invest a portion of such cash in certain alternative reserve assets. The assets include digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.

FILE PHOTO: Tesla CEO Elon Musk. 

The company further said, “Thereafter, we invested an aggregate $1.50 billion in Bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. 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, which we may or may not liquidate upon receipt.”

Currently, the Bitcoin is in news and stands at 11% at just over $43,000. Other than bitcoins, the  cryptocurrency market is also pushing higher. Ethereum (ETH/USD) is back above $1,700, while Bitcoin Cash (BCH) is 5% higher at $465.

Few days back Musk wrote simple, “#bitcoin” in his biography on twitter with no further explanation. After this Bitcoin jumped as much as 14% on Friday.

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