Tesla’s Bitcoin Bombshell Has Been Great News For Crypto Prices...

Tesla’s Bitcoin Bombshell Has Been Great News For Crypto Prices...
Andrew Rummer

about 3 years ago1 min

Mentioned in story

A little more than a week after Tesla’s surprise February 8th statement that it had shifted $1.5 billion of cash reserves into bitcoin, let’s check in on how investors have digested the news. 

The chart shows how both bitcoin and Tesla’s stock have moved since the announcement, indicated by the vertical green line.  

So far, the market seems to have taken the carmaker’s move as a sign of increasing confidence in the OG cryptocurrency’s role in the global financial system – driving bitcoin’s price briefly above $50,000 on Tuesday. 

The reaction from investors in Tesla’s shares has been much less positive, however...

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