Elon Musk And Tesla Just Put A Huge Amount of Money Down On A Cryptocurrency
Elon Musk and Tesla are continuing their push to bring more legitimacy to cryptocurrencies by putting a ton of money down on the most famous one.
The electric car company on Monday announced they have put a whopping $1.5 billion down on Bitcoin, shooting the cryptocurrency's value to a record-high.
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$44,795.20
Value of a single bitcoin
The sudden investment shot bitcoin's value as much as 16% from Sunday to $44,795.20.
Tesla also announced they plan to accept bitcoin as a form of payment in the near future, as founder Elon Musk believes cryptocurrencies are the future "on the verge of getting broad acceptance by conventional finance people."
But Musk has been using his Twitter to target a different cryptocurrency in recent months, as he and many other celebrities continue to push the meme currency known as Dogecoin.
Musk and his colleagues' support of Dogecoin continues to shoot the value up, as it hit a record high value of 8 cents Monday morning.