Tesla electrifies bitcoin with $US1.5 billion bet, car payments pledge


Tesla says it has invested around $US1.5 billion ($1.95 billion) in bitcoin and expects to begin accepting payment for its cars and other products with it in the near future, prompting a more than 10 per cent jump in the electronic currency on Monday.Analysts said the move by one of the world’s best-known companies was liable to prove a game changer for bitcoin.A well-known supporter of bitcoin, Chief Executive Officer Elon Musk has been weighing in regularly over the past week to a frenzy in retail investment, also driving up shares in meme-based digital currency dogecoin and shares of US video game chain GameStop.Musk said a week ago that bitcoin was “on the verge” of being more widely accepted among investors and in December asked if it was possible to do large transactions in the currency.“I think we will see an acceleration of companies looking to allocate to bitcoin now…

Read the original article here