Legitimizing Crypto: Elon Musk paves the way for the integration between crypto and mainstream
Tesla announced a $1.5 billion investment in bitcoin that pushed the digital currency to a record high of $44,795. This move advances industry validation and shows crypto’s resiliency and flexibility as an asset class, furthering the evolution of the blockchain ecosystem.
“This move is a hugely significant sign of support for bitcoin and could encourage other CEO’s to do the same,” said Jeff Ramson, fund manager of ProActive Capital Partners and an early crypto adopter. “Bitcoin has already seen increased popularity during the pandemic, as economic uncertainty and market volatility brought on by the Covid-19 pandemic pushed more people to consider alternative currencies. I see this as the potential tipping point into mainstream adoption.”
Tesla’s investment will likely encourage a new class of retail and institutional investor to pay closer attention to crypto currency.
Our technical analysis on Bitcoin indicates that the next price target is around $55,000.
The electric-vehicle maker also said it would soon begin accepting bitcoin as payment for its products.
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