Bitcoin Went Over $44,800 As Tesla Revealed it Bought $1.5 Billion in Bitcoin

To the moon.

That’s where Bitcoin looks headed after Tesla announced it bought $1.5 billion in bitcoin, and will accept it as payment for its cars soon.

On the heels of that news, Bitcoin surged over 11% to a new high of $44,800.

In its fourth-quarter earning report last month Tesla said it had cash and cash equivalents of $19.4 billion. That means Tesla, and its founder Elon Musk, have poured nearly 10% of the company’s cash holdings into bitcoin. Tesla said in a filing with the U.S. Securities and Exchange Commission filing it’s investment in digital currency and other “alternative reserve assets” may grow — so Tesla might buy even more bitcoin.

The question now is, what other companies are going to invest in bitcoin and hold it as an asset?

Apple has a lot of money sitting around. With the track record of bitcoin, it might be seen as derelict not to hedge a company’s portfolio by holding some.

For those considering investing in Bitcoin, beware of the volatility! Bitcoin can jump to record highs, and then suddenly lose half it’s value before climbing again. That’s why the famous phrase with Bitcoin is HODL - hold on for dear life!

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