Bitcoin is making history, reaching a record high of $48,000 following Tesla Inc.’s announcement of a $1.5bn investment in the leading cryptocurrency.
This unprecedented surge in value came on Monday after Tesla announced their investment in bitcoin in a filing with the Securities and Exchange Commission. The decision came about as a result of an update to their investment policy in January 2021. The company stated that this was done to provide them “with more flexibility to further diversify and maximize returns on [their] cash.”
Tesla also stated that the company plans to start accepting bitcoin as a method of payment for their products.
This announcement marks a truly historical event for the industry. Industry expert, Dermot O’Riordan excellently summarized the immensity of Tesla’s investment in his following statement:
“This moment will likely be looked upon in years to come as a genuine tipping point; Elon and Tesla’s support legitimizes crypto and opens up bitcoin to a whole new class of retail and institutional investors. Now it seems all of Wall Street is in bed with this industry – if they weren’t paying attention before, they are now.“
With the value of Tesla’s investment in mind and its contribution to the movement of crypto, there are many questions to be asked. For a start, does this mean other companies will follow suit?
As of now, we can only speculate but one this in certain: crypto is on the rise and merchants should consider it as an alternative method of payment to stay ahead of competition.
Following suit: using crypto as a method of payment
For those that are interested in staying competitive and keeping up with market trends, an easy way to start accepting crypto payments is through PumaPay.
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PumaPay is dedicated to making crypto easy and is this is well-reflected in the company’s products/services which are designed to help merchants and customers with no background in crypto begin accepting and paying in cryptocurrency.
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