Bitcoin: Elon Musk places 8% of Tesla’s cash in cryptocurrency

The boss of Tesla broke Bitcoin a new all-time high on Monday by surpassing the $ 40,000 mark after his company placed 8% of its cash in Bitcoin.

After a weekend when Boitcoin came close to the key threshold of $ 40,000, Tesla has just given it a boost pushing it beyond this bar to go nestle towards $ 41,850, up 8% over 24 hours and the value of Bitcoin is going continue to increase in the coming months according to experts.

Tesla said it bought bitcoin for “more flexibility in order to further diversify and maximize the return on our cash,” in a statement to the Securities and Exchange Commission.

The total of this purchase constitutes 8% of the company’s cash flow corresponding to $ 1.5 billion of bitcoin out of the $ 19 billion of cash available in Tesla’s accounts. The company is turning more and more to this unstable new currency, and will start accepting payments in Bitcoin, she announced.

In addition, Tesla boss Elon Musk has already changed his bio on Twitter to add the mention “#Bitcoin”, which has already increased the value of Bitcoin. Two days later, he announced his support for this cryptocurrency, in a discussion on Clubhouse. “I think bitcoin is a good thing, and I’m a bitcoin supporter,” he said as he also backs another cryptocurrency, Dogecoin.

While Bitcoin continues to rise despite an uncertain environment, Tesla’s stock did not suffer the same fate, it posted a 2.21% gain in pre-market trading on Monday. According to experts, Bitcoin is promised an even greater rise in the coming months and even if it falls, it would never come back below $ 20,000.

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