This morning, it was revealed that Tesla has purchased a sum of Bitcoin worth $1.5 billion. Immediately after the news began to circulate, the leading cryptocurrency by market cap exploded from under $40,000 to $45,000 at the high.
As the new record was set, the resulting FOMO drove “massive incoming traffic” to crypto platform Binance, causing the typically reliable exchange to crash. What does this mean about what’s to come for Bitcoin?
BITCOIN BLASTS OFF TO A NEW ALL-TIME HIGH ON TESLA PURCHASE NEWS
But nearly four years has since past, and fundamentally, cryptocurrencies like Bitcoin have never been stronger. And amidst unprecedented fiat money printing, the limited-supply assets are showing their true value.
Bitcoin alone since the start of the pandemic has risen from $3,800 to now over $44,000 and currently climbing. It is no longer individual investors seeking to protect wealth or make some cash, businesses are now buying up the digital currencies hoping to preserve company treasury reserves.
Bitcoin rocketed the moment the Tesla news broke
This morning, news broke that Telsa had acquired $1.5 billion in Bitcoin, according to an SEC filing. Price action went bonkers once the news spread, and another wave of cryptocurrency market FOMO began.
LEADING CRYPTO EXCHANGE BINANCE GOES DOWN “ALL BECAUSE OF ELON”
The buying frenzy this morning was enough to take down Binance, which is still struggling at the time of this writing. Binance CEO Changpeng Zhao revealed via Twitter that “massive incoming traffic” was the culprit and it was “all because of Elon.”
Musk recently said that Bitcoin was “on the verge” of being more widely adopted, and if this recent purchase was anything to go by, Musk either believes that day is now here, or intends to help see the statement through.
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