8/10/2023 0 Comments Twitter elon musk bitcoin![]() Two days later, he said on the social medial chat site Clubhouse: "I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin. ![]() Two weeks ago, the billionaire Tesla owned added the hashtag #bitcoin to his Twitter bio, a move that helped to briefly push up the price of the cryptocurrency by as much as 20%. The moves raise questions around CEO Elon Musk's recent behavior on Twitter, where he has been credited for increasing the prices of cryptocurrencies like bitcoin and dogecoin by posting positive messages that have encouraged more people to buy the digital currencies. The company had more than $19 billion in cash and cash equivalents on hand at the end of 2020, according to its most recent filing. Individual tweets do raise the price of Bitcoin. Tesla's move into bitcoin represents an investment of a significant percentage of its cash in the investment. Considered in isolation, non-negative tweets from Musk lead to significantly positive abnormal Bitcoin returns. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments. The open-source nature of Bitcoin is a key feature that enables transparency, collaboration, and innovation in the crypto space. ![]() ![]() Tesla also said it will start accepting payments in bitcoin in exchange for its products "subject to applicable laws and initially on a limited basis." That would make Tesla the first major automaker to do so. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Elon Musk personally owns Bitcoin, Ethereum, and Dogecoin The world's second richest man has spoken about all three cryptocurrencies before, especially Dogecoin, but this is the first time. Best Debt Consolidation Loans for Bad Credit ![]()
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