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“Cash, credit, or bitcoin?” – Tesla checkout counterINTL

“Cash, credit, or bitcoin?” – Tesla checkout counter

It’s hard to keep up with Elon Musk’s antics, we know, but this one is major.

Tesla (TSLA) announced it bought $1.5b worth of bitcoin shares, and even added it as a form of payment that it would accept (not right away, but in the future).

The billionaire’s social media shenanigans have previously influenced the value of cryptocurrencies. Bitcoin’s shares immediately jumped after the news broke, hitting an all-time high of $43,000. Musk even changed his Twitter bio to “bitcoin”.

why it matters
Cryptocurrencies' volatile nature keeps many old-school traders away from them, and so, while it has been around for a while, bitcoin still is not generally accepted as a “proper” asset. Tesla’s decision may increase demand for the cryptocurrency from both retail and institutional buyers.