Bitcoin News

Elon Musk reacts to Bitcoin hitting record high

TL; DR Breakdown

  • Tesla CEO Elon Musk posted an adorable meme to celebrate Bitcoin’s new all-time high.
  • Bitcoin reached an all-time high of $66,974.77 yesterday, according to CoinDesk figures. However, Musk predicts a further surge.

Elon Musk, Tesla CEO and one of the wealthiest men on Earth, posted an adorable meme to celebrate Bitcoin‘s new all-time high. The billionaire has been known for his controversial tone on cryptos he fancies but not this time. He tweeted a picture of a couple in bed staring at a screen displaying Bitcoin price at $69,000. And Ethereum, another huge crypto at $4,200. Elon’s early morning tweet might mean that Bitcoin might Surge further to the value he has predicted.

According to CoinDesk, Bitcoin reached an all-time high of $66,974.77 yesterday, representing a jump in value over the last month. 

Bitcoin is currently surging, and several factors might be at play.

Why is Bitcoin surging?

First, the Bitcoin ETF is trading on the New York Stock Exchange. Therefore, the significance of this fete is making the coin more valuable. And, being the first, it has enormous relevance in the crypto space. It is monumental. The primary interest from more prominent investors who never want to hold bitcoin directly is sorted. 

Trading in bitcoin futures could soon be available to more investors as two North American ETFs are set to list this month. The U.S., however, isn’t the first country that has approved its creation. Canada had approved several funds during the last 12 months.

Besides, Bitcoin’s recent gains are due to the approval of ProShares ETF and highly favorable fundamentals. Bitcoin has been on an upward trajectory recently because its underlying values have improved significantly over time.

Also, increased adoption, and more people are using it for transactions instead of fiat currencies like dollars or euros. This growing interest from investors has caused prices across different exchanges worldwide to skyrocket even higher than before.

Elon’s Tesla and Bitcoin

During the earlier months of the year, Tesla revealed it had bought 1.5 billion dollars worth of Bitcoin. Furthermore, they made it clear they would start accepting them as payment for their cars.

However, Elon Musk announced in May that Tesla would no longer accept Bitcoin for car purchases. He cited long-brewing environmental concerns as the reason to reverse their decision. 

The news came as a surprise to many who believed the company was on its way towards integrating cryptocurrency payments into its business model.

The announcement sent Bitcoin tumbling more than 10% lower overnight before rebounding the following day.

Yet, in his defense, Elon said that he believed crypto has a promising future, but it cannot be at a high cost to the environment. The only way for cryptocurrencies and blockchain technology, in general, is through sustainable development, so we don’t end up with an apocalypse like Terminator 2.

This post was last modified on October 21, 2021 10:21 am

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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