Saturday, January 29, 2022

Elon Musk defends Tesla’s investment in Bitcoin and maintains that it is better than holding the cash

Billionaire Elon Musk, CEO of Tesla, the US company specializing in the manufacture of electric cars, defended his company’s recent $ 1.5 billion investment in Bitcoin, stressing that Bitcoin is slightly better than keeping cash.

Mask and digital currencies
Bitcoin recently hit record levels, reaching $ 52,533,000, as investors rushed to buy the cryptocurrency after Tesla announced that it had invested $ 1.5 billion in it.

The price of Bitcoin decreased by about 1% to $ 51,613 thousand, at 06:06 GMT Friday morning, and the market value of the digital currency decreased 0.95% to record $ 969.6 billion, but it is close to $ 1 trillion.

Bitcoin currently controls 60.41% of the digital currency market, according to CoinMarketCap, which tracks prices of 8,416 digital currencies.
Tesla also purchased $ 800 million worth of Bitcoin in January, according to Reuters, citing a Reddit user who says he works for the company.

Musk tweeted in mid-February on his Twitter account, showing his support for the holders of the digital currency Dogecoin to sell their currencies, which pushed the price up, and continued: I will pay a dollar if they cancel their accounts.
Dogecoin’s price has now increased 4.95% to $ 0.05537 while the best price it has ever recorded was $ 0.08495.

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