Bitcoin Price: The flood of investments into the world-famous cryptocurrency Bitcoin continues.
Elon Musk, the latest global tycoon and head of the global giant electric car maker- Tesla, has invested heavily in bitcoin for about $ 1.5 billion (approximately Rs. 10,930 crores).
Tesla has announced that it will soon be accepting digital payments in the form of bitcoins when purchasing their vehicles.
Auto giant Tesla has also filed a report with the U.S. Securities and Exchange Commission that it would increase its investment in other alternative methods, including digital currency.
Against this backdrop, the value of bitcoin rose by 15 percent to a record high. The value of Tesla shares also rose to the sky.
Bitcoin flashes with Tesla’s touch
Elon Musk’s company Tesla is counted as one of the world’s best e-car makers. After investing in bitcoin, it is common to discuss why Tesla has decided to do so.
According to the information, the company’s plan behind investing in bitcoin is to start accepting digital currency as payment soon.
After the huge investment of Tesla, the price of bitcoin has jumped 15 percent to a record $ 48,000 after Tesla announced it had invested $ 1.5 billion in the world-famous cryptocurrency Bitcoin.
The e-car giant made the huge investment announcement ten days after Tesla’s chief Elon Musk kept promoting the cryptocurrency on his Twitter profile page.
It’s no old news that Elon Musk has been tweeting about investment and companies whose shares have been soaring high ever since but the investment into cryptocurrency simply escalated the share market.
In addition to investing in Bitcoin, Tesla also said it will soon allow buyers of their cars and other products to pay in Bitcoin.
Tesla said the decision was in line with its company’s broader investment policy.
In the long run, they will also increase their digital assets.
The value of bitcoin, which rose 300 percent in 2020, has already risen 50 percent this year.
According to experts, Tesla is the largest company to place bets on bitcoin. Along with bitcoin, Tesla shares also saw a boom.
Just last month, in its fourth-quarter report, Tesla said it had $ 19.4 billion in cash and cash equivalents in its fourth-quarter revenue report last month.
Cryptocurrency is a virtual currency, like Bitcoin
Cryptocurrencies like bitcoin are a type of virtual currency.
It is used for any kind of transaction like other types of currencies such as dollars or rupees.
However, these digital currencies are controlled by the state or central banks of the respective countries. They are responsible for the management of digital currency.
The value of cryptocurrencies varies based on demand and supply. Cryptocurrencies operate on the basis of blockchain technology. Its use is increasing rapidly.
PayPal has recently approved the transaction through bitcoin on its platform, i.e., for any type of transaction through PayPal, payment can be made through bitcoin.
RBI is also planning on introducing digital currency
Preparations for digital currency are also going on in India.
Recently, information came from the RBI that digital currency is going to start in India soon. Earlier in 2018, the RBI also issued a circular regarding cryptocurrency.
According to this circular, the central bank’s regulated entities were banned from providing any services related to cryptocurrencies.
RBI banned banks from trading in cryptocurrency in 2018. It warned banks not to engage in any transactions related to cryptocurrency.
As well as not providing any services related to cryptocurrency to customers or companies. It also issued orders in this regard at that time.
After which the matter reached the Supreme Court. The Supreme Court slammed the RBI in March 2020 last year and rejected the ban on cryptocurrencies.
Since then, investment in bitcoin in India has entirely been at the risk of investors because no rules related to it are fixed yet.
Most popular cryptocurrency
Bitcoin- $563.8 Billion
Ethereum- $142.9 Billion
Tether- $25.2 Billion
Polkadot- $ 13.9 Billion
Litecoin- $12.71 Billion
XRP- $11.4 Billion
Ripple- $10 Billion
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