On Monday, Tesla made an official statement of investing $1.5 Billion in crypto market leader Bitcoin. That resulted in Bitcoin price to soar to a record high of $48,222.
The electric car maker also said that it will soon start accepting bitcoin as payments for their products.
While some crypto experts are saying Elon Musk is a late endorser of bitcoin. But they also believes that this investment is only one of the several he would make in the coming time in this cryptocurrency space.
Here’s what experts are saying about the Tesla’s investment
“Tesla’s bitcoin acquisition is a strong signal for a new era of integration between the cryptocurrency ecosystem and mainstream business. In which tokens increasingly act as not only a store of value but tangible medium of exchange.”
Stefan George, Co-founder and CTO at Gnosis
“This moment will likely be looked upon in years to come as a genuine tipping point; Elon and Tesla’s support legitimizes crypto and opens up bitcoin to a whole new class of retail and institutional investors. Now it seems all of Wall Street is in bed with this industry. If they weren’t paying attention before, they are now. Tesla and Bitcoin – the archetypes of volatility – inevitably meet again because they are tools that came about because of frustration and courage. Frustration at the way things are, and courage to make sure that they do not remain as they are.”
Dermot O’Riordan, Partner at Eden Block
“The richest person in the world just told you he does not believe in holding dollars as a long term store of value. We have heard from the smartest investors in the world and now we have heard from the richest people in the world, they all agree that having 5-10% of your net worth in BTC is a critical part of a well diversified portfolio.”
Alex Mashinsky, CEO of Celsius Network
Tesla’s investment “cements crypto into both history and the future as not only a fundamentally safe store of value, but an asset with an infinite amount of applications yet to be discovered. I see this as the door opening wide for crypto companies with B2B services, like my companies, to put their products to the test and usher in the next wave of adoption in partnership with Tesla.”
Leah Jonas, Head of Partnerships at Celsius Network
“Tesla’s move further gives the industry validation and shows crypto’s resiliency as an asset class. The battle of custody and safeguarding these volatile assets will be the next thing to watch. Tesla could either pull it off with an in-house solution though they may suffer from inflexibility compared to other infrastructures.”