Soon after Elon Musk announced that his Teslas can now be bought via bitcoin, the price of the digital currency began to move higher. Yesterday, the price of bitcoin had dropped further by 4%, until this morning.
Tesla has already benefited from its Bitcoin investment
However, the bulls appear to have returned to the fray after reading the series of tweets about bitcoin posted by the richest man in the world. At the time of writing this article, BTC is back above the quotation of 53 thousand dollars, marking a good increase, but that is not destined to stop anytime soon.
The bulls are back on board. It remains to be seen whether the most important digital currency on the planet will have the momentum to maintain this new bull run or is it just a temporary upside.
Accumulating more external ROI than in all of its 13 years of existence, Tesla has already benefited from its investment in Bitcoin. However, the numbers are about to increase even more as the growth rate increases significantly.
To break down this point was an observer who analyzed Tesla's growth rate saying that: "If only 3% of Tesla's sales are in Bitcoin, it means $ 1 billion worth of Bitcoin purchases per year locked in the balance sheet" . But Tesla's sales are growing 30% annually.
The growth in Bitcoin adoption is similar
So Tesla is looking at a 50% growth rate on $ 1 billion worth of Bitcoin per year! The observer advises institutional investors to follow suit. "When Apple?" says Joseph Young, asking when the tech company will allow users to purchase its products with Bitcoin.
This could soon become a reality, as Coinbase claims that a decent number of leading tech companies are already privately acquiring Bitcoin.
Recently, we noticed that Microsoft started asking Xbox users if they were interested in making subscription payments with Bitcoin.
If a company like Apple takes this route, the market could increase by more than double considering the company's value, thanks to its loyal customer base.
Meanwhile, Bitcoin supporters who have committed to buying Tesla vehicles once the company begins accepting payment in Bitcoin have doubled their number.
Although Justin Sun and CryptoDog analyst revealed that they were buying Tesla, following the announcement, more Bitcoin users are expressing a willingness to protect the automaker as the payment method is considered more efficient and, more importantly, highly favorable for the market, as Musk revealed that there will be no conversion of Bitcoin to fiat after payment.
The next few weeks are exciting for Bitcoiners who are expecting a complete turnaround in the market as sentiments should turn even more bullish. Ready to bet that in a while we will see a new high?