Bitcoin Tops $45K for First Time as Market Bets Others Will Follow Tesla’s Lead
That Tesla has invested in bitcoin is an announcement the market had long sought to hear.
Bitcoin Tops $45K for First Time as Market Bets Others Will Follow Tesla’s Lead
The price of bitcoin continued its rocket-like ways, hitting $45,000 for the first time ever, as Tesla’s announcement earlier Monday that it had bought $1.5 billion of the leading cryptocurrency continued to add fuel to its record run.
- Bitcoin hit $45,029.26, a new all-time high, before settling back to $44,958.19, up 15.8% over the last 24 hours. The cryptocurrency has risen 52% year-to-date.
- A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller have pushed into bitcoin as a potential hedge against inflation, as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies.
- Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money into bitcoin. And from the price of bitcoin today, it’s clear some investors thing it’s just getting started.
- “We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space,” Joel Kruger, strategist at the cryptocurrency exchange LMAX Digital, said in an email.
