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Bitcoin: Tesla entry catapults cyber currency to record high - but experts warn investors

2021-02-09T04:31:19.290Z

The hype surrounding the cryptocurrency Bitcoin is becoming increasingly questionable. Because Tesla is now also playing, the price shot to a new all-time high.



The hype surrounding the cryptocurrency Bitcoin is becoming increasingly questionable.

Because Tesla is now also playing, the price shot to a new all-time high.

Munich - The US automaker Tesla catapulted the digital currency Bitcoin to a new record high on Monday.

The e-car pioneer has invested $ 1.5 billion in Bitcoins and wants to accept the digital currency as a means of payment in the future, the company said in a message for the US Securities and Exchange Commission.

Bitcoin: Tesla announcement drives art currency to all-time high

Investors were thrilled.

Within a few minutes, the world's oldest cryptocurrency rose by a good 15 percent to $ 44,899.

The previous record of $ 42,000 was pulverized.

With the move, Tesla would be the first automaker to enable payment via Bitcoin.

Tesla boss Elon Musk is considered a fan of cryptocurrencies.

Most recently, he caused a sensation because he hyped the parody currency Dogecoin on Twitter.

The US auto pioneer had cash and cash equivalents of almost $ 20 billion at the turn of the year.

The company has now invested around 7.5 percent of this in digital currency.

Bitcoin: Tesla announcement is accolade

The Californians' announcement should further strengthen confidence in Bitcoin as the world's leading digital currency.

"This is an accolade," said Bitcoin analyst Timo Emden on Monday to Merkur.de *.

In the medium term, other companies could follow Tesla's example and also accept cryptocurrency as a means of payment.

Investors, on the other hand, are likely to view Bitcoin exposure with mixed feelings.

The cyber currency is considered to be very volatile.

Should the course fall, Tesla is threatened with heavy write-offs.

Investors should also be on their guard.

"The risk with Bitcoin is extremely high," warns analyst Emden.

If you really want to be there, you should only gamble with a comparatively very small part of your capital, which can also cope with high setbacks - "up to a total loss," advises Bitcoin expert Emden.

* Merkur.de is part of the Ippen Digital editorial network.

Source: merkur

All news articles on 2021-02-09

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