Leading the Way: Elon Musk’s Tesla Joins the Bitcoin Club, Converts $1.5 Billion to Bitcoin
Things move fast in the bitcoin world, but Elon Musk might be quicker. Just fifty days after questioning MicroStrategy's CEO Michael Saylor about large bitcoin transactions on Twitter, Musk's electric car company converted $1.5 billion of its balance sheet to bitcoin according to filings with the Securities and Exchange Commission (SEC). In the filing, Tesla also noted it has plans to let shoppers purchase a Tesla with bitcoin in the future.
Inevitably, this sent bitcoin's price soaring as high as $47,221.36 on and Tesla shares rose 1.3% Monday.
CEO & Co-founder of Lolli, Alex Adelman said:
"The richest man in the world just added bitcoin to his company’s balance sheet. This is a major turning point — more companies will follow Tesla and MicroStrategy’s example over the next few months. Everyone, from institutions to retail investors are now looking to put their money into the global reserve asset that is bitcoin."
Was this to be expected?
Bitcoin Twitter has encouraged Musk for years to consider bitcoin as a reserve asset and as payment for Tesla vehicles.
In late January the community had gotten its wish when Musk began to speak openly about bitcoin. He updated his Twitter to #Bitcoin and tweeted "In retrospect, it was inevitable."
This was the first hint that Musk was interested in the asset.
In retrospect, it was inevitable
— Elon Musk (@elonmusk) January 29, 2021
So what's next?
CNBC reported that companies like Apple could be next. Bitcoin adoption from large cash-flush institutions has been brewing for years, but the end of 2020 saw bitcoin adoption go mainstream thanks in many ways to the aforementioned CEO of MicroStrategy, Michael Saylor. Saylor began investing in bitcoin much earlier than Musk and has been evangelizing its scarcity, fungibility, and decentralization for some time.
Musk's move adds even more creditability to bitcoin. It now has the branding and reputation of Tesla, one of the most innovative and exciting companies in the world, and Musk, the world's richest man and perhaps most popular billionaire, behind it. That kind of boost means investing in bitcoin is no longer niche but mainstream.
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