Business
Bitcoin: why a wave of huge companies like Tesla rushing to invest could derail the stock market – The Conversation UK
There could be a reckoning coming with global regulators.
After Tesla announced it has invested US$1.5 billion in bitcoin and expects to start accepting the cryptocurrency as a payment for its electric vehicles in the near future, the bitcoin price went soaring. It went from around US$39,400 to an all-time high of over US$48,000 in less than 24 hours.
The price is now up by over 50% in the first six weeks of 2021. Led by Elon Musk, Teslas investment is obviously in profit already: depending on the exact day of the purchase, it is likely to be worth over…
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