An overnight price correction in the Bitcoin market after the Federal Reserve Chairman Jerome Powell’s testimony paused midway as Elon Musk came to the rescue.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
The celebrated billionaire entrepreneur announced early Wednesday that his company Tesla now accepts Bitcoin as payments for its electric vehicles. He added that Tesla uses only internal and open source software as it operates Bitcoin nodes directly, thereby removing the necessity of having a third-party custodian and payment service.
“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk confirmed.
The milestone announcement followed almost a month after Tesla revealed in its securities filings that it bought $1.5 billion worth of Bitcoin sometime in January 2020, when the cryptocurrency was trading inside the $30,000-40,000 price range. BTC/USD had surged by almost 60 percent after Tesla’s filing.
Bitcoin Price Jumps
The latest Tesla announcement raised expectations of a rally repeat in the Bitcoin market. Carl Eric Martin, a popular crypto-based Swedish Youtuber, said he is “super insanely incredibly extremely extraordinary bullish” on Bitcoin for the rest of 2021.
Did the bears really think billionaires would buy #Bitcoin and then do nothing to help adoption, stimulate interest & defend its value?
— Alistair Milne (@alistairmilne) March 24, 2021
And a green candle flashed on the Bitcoin chart right after Mr. Musk’s tweet. The cryptocurrency climbed more than 1 percent, hitting an intraday high above $55,600, offsetting the impact of Mr. Powell’s testimony before Congress …
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