ET, bitcoin was trading over 8% lower at a price of $53,195. Tesla CEO Elon Musk on Sunday said Bitcoin was "on the verge of getting broad acceptance" from the traditional finance world.The price of the cryptocurrency rose, while Bitcoin … Last week he jumped on the GameStop bandwagon, tweeting “Gamestonk”, a play on stock market memes, alongside a link to the WallStreetBets forum on Reddit, where users had banded together to pump up the value of the game retailer’s shares. On February 8th, Elon Musk and Tesla announced the purchase of $1.5 billion Bitcoin, noting that his company planned to further accept BTC as payment.Just about every crypto trader knows by now that this announcement skyrocketed Bitcoin’s price, subsequently bringing the entire market upwards, but was this decision to buy bitcoin really a sound move? Get this delivered to your inbox, and more info about our products and services. Musk became the richest person in the world at the start of the year as the price of shares in Tesla, the US electric car pioneer, soared, but in recent weeks he has used his considerable following to talk up other investments. The tweet caused a sharp rally in Tesla shares, but it later emerged that funding was not in place, and there were suspicions that Musk chose the $420 figure because of its associations with cannabis culture. Bitcoin had surged to above $38,000 on Friday after Musk changed his biography on the Twitter social network to simply “#bitcoin”. Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices "seem high.". hit $1 trillion in market value for the first time, Markets and Politics Digital Original Video. Tesla founder Elon Musk has sent the price of bitcoin soaring after the billionaire tagged the cryptocurrency in his Twitter bio on Friday.Musk’s move saw the price of bitcoin, which dipped below $30,000 (£21,880) earlier this week, soar nearly 19% to over $37,000 per bitcoin. Elon Musk's $1.5 billion bet on bitcoin has exposed Tesla to 'immense' risk that could wipe out its profits, analysts say Harry Robertson Feb 10, 2021, 3:37 AM Bitcoin (BTC/USD) Price Outlook: Bitcoin has been under pressure since January 8 when it tagged a new record high; Despite recent losses, BTC/USD found support from Elon Musk … Tesla CEO Elon Musk said Saturday that bitcoin prices seemed excessive. Ethereum, meanwhile, has benefitted from the … Lately the answer to its worth has been whatever influential people like Elon Musk and … controlling computers with the human brain, settlement with the US Securities and Exchange Commission. All Rights Reserved. Musk recently came out as a believer in bitcoin, calling it a "good thing" and saying he thinks it's "on the verge of getting broad acceptance by conventional finance people.". Bitcoin … Data is a real-time snapshot *Data is delayed at least 15 minutes. Sign up for free newsletters and get more CNBC delivered to your inbox. Coinbase. The digital coin is still up more than 80% so far this year. Musk said he was “late to the party” in backing bitcoin. The world's most valuable cryptocurrency sank over 10% to a price … Last month, he included the hashtag #bitcoin in his Twitter bio, which drove the price up. But skeptics aren't convinced. Elon Musk just sent the price of another cryptocurrency soaring, but this time, he’s not joking around. It's worth pointing out that price swings of more than 10% aren't a rarity in crypto. Got a confidential news tip? It wasn't immediately clear what was behind bitcoin's move lower Monday. Within roughly one hour of Elon Musk changing his Twitter bio to #bitcoin on January 29, 2021, the price of Bitcoin skyrocketed from around $32,000 to … Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin. The electric vehicle maker made roughly $1 billion in paper profits from its bitcoin investment, according to Wedbush Securities' Dan Ives. We want to hear from you. Tesla, the electric car company run by the world’s richest person, Elon Musk, revealed on Monday that it had bought $1.5bn (£1.1bn) in bitcoin and said it … Tesla and Spacex CEO Elon Musk has clarified his position on bitcoin. Bitcoin soared on Tuesday to an all-time high reaching the $50,000 milestone at $50.602. A Division of NBCUniversal. Bitcoin is getting traction from mainstream investors, in part due to the perception that it is a store of value similar to gold. Bitcoin rallied to more than $58,000 on Sunday, but has since reversed course. The company also said it would start accepting bitcoin as a payment method for its products. © 2021 CNBC LLC. Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices "seem high.". Tesla Inc. CEO Elon Musk said the inability to receive a return on his company’s cash was behind the decision to buy $1.5 billion of bitcoin. However, it has also caused problems for him and his company. Emphasizing that he is an engineer, not an investor, Musk says that bitcoin "is simply a less dumb form of liquidity than cash." Cryptocurrency rises above $38,000 after Tesla boss changes his biography on Twitter to ‘#bitcoin’, Last modified on Tue 2 Feb 2021 00.12 EST. The price of bitcoin rose on Monday after Elon Musk, the billionaire Tesla chief executive, said he was a “supporter” of the cryptocurrency. Bitcoin hit a new all-time high early Friday after Tesla chief Elon Musk called the cryptocurrency “less dumb” than cash.. Tesla has already booked a $1 billion paper profit on the surprise Bitcoin investment it disclosed just two weeks ago, a Wall Street analyst says — even as chief executive Elon Musk said over… Elon Musk Says Bitcoin Prices ‘Seem High’ After Record Week By . Bitcoin’s price chart on Jan. 29 based on data from markets.Bitcoin.com showing a price spike after Elon Musk changed his Twitter profile to #bitcoin … Remarks by Tesla CEO Elon Musk about bitcoin follow references to the highly volatile stock GameStop. In 2019 Musk reached a settlement with the US Securities and Exchange Commission after he tweeted that he had “funding secured” to take Tesla private at $420 a share. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700. The world's most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. Tesla CEO Elon Musk appears to suggest that the current bitcoin price is too high, after a significant rally in 2021. The imagined film was entitled Diamond Hands, a reference to investors who hold on to their extremely risky financial bets even in the most volatile conditions. Tesla CEO Musk says bitcoin purchase is “less dumb” than holding cash. Last week, bitcoin hit $1 trillion in market value for the first time — it's now back below that mark, according to CoinDesk. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. In response to a comment from Binance CEO Changpeng Zhao, he called Tesla ‘s $1.5 billion bitcoin purchase “adventurous enough for an S&P500 company.”. Tesla CEO Elon Musk is talking more about the automaker’s bitcoin purchase. Earlier this month, Tesla said it had bought $1.5 billion worth of bitcoin and would accept the crypto as payment for its products. The price of bitcoin rose by as much as 7% on Thursday after Elon Musk posted a vague tweet with a reference to dogecoin and an image of a crypto … Tesla CEO Elon Musk is a noted fan of cryptocurrency. Musk added in his Clubhouse comments that his tweets about dogecoin, another less popular cryptocurrency, were “really just meant to be jokes”. Musk, who briefly passed Amazon founder Jeff Bezos as … On Saturday, Tesla's CEO said the prices of bitcoin and rival token ether seemed excessive. He also made a series of notable claims in his first appearance on the app, including saying that Neuralink, a company that he founded to work on controlling computers with the human brain, had implanted a microchip in a monkey’s brain to enable it to play videogames. The digital coin is still up more than 80% so far this year. Elon Musk’s embrace of Bitcoin earlier this month rocketed the cryptocurrency almost 50% higher to more than $58,000. Bitcoin bulls have tried to make the case that investors should add the cryptocurrency to their portfolio to hedge against a potential rise in inflation. Tesla is "on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020," Ives estimated in a note published Saturday. As of 12:00 a.m. A single change to Tesla CEO Elon Musk’s Twitter bio created a ripple effect of sorts and ended up costing over $420 million in losses to Bitcoin traders, data from analytics site Bybt showed. His comfort with online culture has long been apparent, with the chief executive regularly posting memes, including related to financial topics. His cold shoulder this weekend whipsawed the digital asset. Elon Musk's car firm Tesla has said it bought about $1.5bn (£1.1bn) of the cryptocurrency Bitcoin in January and expects to start accepting it as payment in future. Bitcoin once climbed to almost $20,000 in 2017 before shedding 80% of its value the following year. "It's an extremely inefficient way of conducting transactions, and the amount of energy that's consumed in processing those transactions is staggering," the former Federal Reserve chair said. The current BTC price stands at $36,965. Bitcoin sank over 10% on Monday, briefly dipping below the $50,000 level. Coinbase. The token has gotten a boost from news of major Wall Street Banks and Fortune 500 companies warming to cryptocurrencies. Bitcoin's Price Consolidates, Elon Musk Tweet Sends Dogecoin Surfing, Filecoin Surges While bitcoin prices have been consolidating just under the $60k handle, a … Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on … “Bitcoin is a good thing,” Musk said in comments broadcast on social audio app Clubhouse on Monday. The price of bitcoin rose on Monday after Elon Musk, the billionaire Tesla chief executive, said he was a “supporter” of the cryptocurrency. A question that has long bedeviled bitcoin observers is how to value it. Analysts at JPMorgan said in a note last week that bitcoin is an "economic side show," and that the rise of digital finance — not bitcoin — is the "real financial transformation story of the Covid-19 era.". Musk was one of the characters featured in a Star Wars-style poster, widely shared on the WallStreetBets page on Monday, for an imagined film about the GameStop frenzy. Dave Liedtka. Last month, he included the hashtag #bitcoin … The world’s on-again, off-again richest person, Elon Musk, recently invested $1.5 billion in the cryptocurrency through his company, Tesla Inc., and said Bitcoin would soon be … U.S. Treasury Secretary Janet Yellen on Monday warned bitcoin was a "highly speculative asset" and said she's worried about investors losing their money. Elon Musk Loses $15 Billion in a Day After Bitcoin Warning. The bitcoin price has soared over the last 12 months, climbing to around $50,000 per bitcoin. The bitcoin price rally has accelerated in recent weeks, helped higher by Elon Musk and Tesla. The value of the dogecoin cryptocurrency, which was branded with a Shiba Inu meme, has increased sharply whenever Musk has tweeted about it.
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