Elon Musk is so stoked about cryptocurrency, even his company Tesla is getting $1.5 billion worth of the action. Not only that, Tesla has announced plans to begin to receive payments in Bitcoin in the nearest future.
The value of Bitcoin went up an additional 17% to $44,220, a new high for the digital coin. According to a statement released by Tesla, the company is making the most of return on cash that is not used for operational purposes.
Bitcoin was not the only digital currency that made huge profits, Dogecoin did also, the new crypto went as high as 50% after Elon Musk endorsed it.
Some experts have opined that Tesla’s huge investment in crypto could be the much-needed game-changer the industry that has been laced with a lot of bad representation continues to battle since its inception over a decade away.
However, because cryptocurrencies are unregulated, highly volatile, and fraud-prone, many sceptics have cautioned and continued to dissuade users from trading crypto.
The African country with the largest presence in cryptocurrency trading, Nigeria, just recently banned all financial institutions from transacting in any form of cryptocurrency or face stiff sanctions.