Elon Musk predicts a bullish momentum for Bitcoin

Elon Musk’s tweet tend to surge the price of Bitcoin by 5%
  • Elon Musk has announced the acceptance of Bitcoin for the purchase of Tesla cars
  • The announcement led to a surge of around 5% in the price of Bitcoins
  • The tokens accepted as payments will not be converted to government-issued fiats

Elon Musk, the CEO of Tesla, has announced that Tesla is now using Bitcoin as a method of payments for its electric cars. As the CEO told the acceptance of Bitcoin as a mode of payment, the price of Bitcoin surged by 5%. The addition of BTC as a payment method was announced via a tweet on Wednesday. Moreover, it is known that the firm will not convert the tokens to government-issued fiat. 

Elon Musk has a significant influence in the crypto market

This year, Elon Musk had changed his Twitter bio, adding #Bitcoin. Following the change, it was observed that he is having a strong influence among his followers. The price of Bitcoin was observed soaring after the shift in his bio. Later on, he published an image of a meme-based crypto coin that helped the token gain around 800% of profit in just 24-hours. However, this time the addition of Bitcoin as a mode of payment to buy Tesla cars has also boosted the rally of the leading cryptocurrency by 4.7% in just a few hours. 

Bitcoins accepted as payments will not be converted to fiat

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Tesla cars can now be purchased in exchange for Bitcoins. Although Bitcoins are now available as a form of payment, it is known that the firm will hold the tokens instead of exchanging the tokens for government-issued fiat currency. Indeed, Tesla will use only internal and open source software that will directly operate the Bitcoin nodes. 

How is Bitcoin price performing currently?

Currently, the price of Bitcoin is up by 4.07% since Elon Musk tweeted regarding accepting the token. At press time, the tokens are trading at the price level of $57,122. Over the last seven days, the price has been up by more than 2.89%. However, $58.17 billion worth has been traded over the previous 24-hours.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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