Bitcoin has surged past $56,000 thanks to Elon Musk investing more than $US1.6 billion into the crypto currency. Further to this he announced that Tesla will also begin accepting bitcoin as a form of payment for its products in the near future. Following this announcement we saw the price of Bitcoin reach $56,078.41.
This move by Tesla further institutionalizes bitcoin as an accepted means of value in global business. Mr. Musk last week changed his Twitter bio to read #bitcoin a not so subtle sign of what was already in the works. With Tesla now in the mix, what will this mean for bitcoin and other crypto currencies in the near future?
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