The $1.5 Billion Investment: How Elon Musk’s Tesla Made An Investment The Cryptocurrency World Will Never Forget
Written By Gideon Chukwuemeka Ogbonna
Upon revealing his interest in cryptocurrency, Elon Musk has shown an excitement that could be likened to a child who just got a new toy. (And Elon sure loves his toys. Think Tesla. Think SpaceX. Think Doge. Now think Bitcoin.)
It is with this excitement that Tesla, today, invested a whopping $1.5 billion in bitcoin. The electric car company also plans to start accepting bitcoin as payment for its cars and other products.
This investment move was birthed out of a brief chat between Michael Saylor, CEO of MicroStrategy and Elon Musk in December last year. In that chat, Saylor advised Musk to convert Tesla stocks from USD to BTC. Saylor said by doing that, he, Musk, would be doing his shareholders “a $100 billion favor.”
Tesla’s investment holds huge positive implications for bitcoin and the entire cryptocurrency ecosystem. One: We are set to see a dramatic rise in bitcoin’s value just because of the investment. (As at the time of writing, the cryptocurrency has moved up by more than 10%.)
Two: There will also be an increase in the adoption of bitcoin and other cryptocurrencies. Tesla’s investment means that every shareholder in the company is now exposed to bitcoin.
Since late last year, Elon has been a kind of crypto messiah. He has been a loud voice spreading the crypto gospel all around the world. He translated Dogecoin from obscurity to light, from a cheap joke to a valuable gem. And now, he has drawn the attention of the world to the largest cryptocurrency.
It is ironic that Elon Musk’s Tesla made this momentous investment a few days after the Central Bank of Nigeria prohibited all financial institutions in Nigeria from processing crypto transactions. Tesla's investment is not only a statement to Nigeria and other governments fighting cryptocurrency, but also to individuals skeptical about cryptocurrency.
Never allow a government that does not care about your wellbeing to deprive you of the opportunity of positioning yourself for the future. The real use cases of bitcoin and other crypto assets are not in the hands of banks or governments; they are in the hands of people—people of all classes and nationalities and backgrounds.
So take a stand today and be like Musk.
Invest in bitcoin.
Be a part of the crypto space.
And May The Pump Be With You.
PS: To learn how to invest in the crypto space, click here.