Elon Musk, the Chief Executive Officer of Tesla Inc., on Wednesday announced that customers in the United States can now purchase Tesla vehicles with Bitcoin.
The billionaire industrial designer disclosed in a series of tweets via his official handle @elonmusk.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
He, however, explained that the electric vehicle manufacturing company is using only internally developed and open-source software for the transactions, saying it operates Bitcoin nodes directly.
Musk added that Bitcoin paid to the company will be kept as Bitcoin and not converted to fiat currency.
“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
“Pay by Bitcoin capability available outside US later this year.”
The new initiative by the world’s leading electric vehicle manufacturing company will help push Bitcoin and other cryptocurrencies to the mainstream, especially given Elon Musk and Tesla brand reach in the United States, the world’s largest economy.
Over $9.2 Billion Worth of Bitcoin Positions Liquidated in 24 Hours as Coin Plunges to $52,000
Over $9.2 billion worth of cryptocurrency positions have been liquidated in the last 24 hours, according to the latest data from bybt.com.
$9.2 billion of long positions were said to have been liquidated following plunged in Bitcoin value from $63,000 to $52,000 in the early hours of Sunday.
Several other short positions were said to be affected. The plunge in the world’s most dominant cryptocurrency dragged on the entire crypto market.
With Ethereum, the second most capitalised coin declining by 20 percent, Cardano by 25 percent, XRP and Doge shed 16 percent and 25 percent, respectively.
As at 9:19 am Nigerian time, Bitcoin is trading at $55,977.35 to a coin. Meaning it has gained almost $4000 in the last four hours.
Crypto investors and traders are expected to jump on the dip and use it to further boost their portfolio.
As of the time of writing, bitcoin’s price has bounced back to around $55,000.
$623M in Bitcoin From 2016 Bitfinex Hack Moved Under Cover of Coinbase Listing Hype
Over $623 million worth of bitcoin (BTC, -0.74%) (BTC) stolen Bitfinex in 2016 was moved on Wednesday, according to Twitter account Whale Alert, coming on the same day the whole market celebrated a milestone in crypto history: Coinbase’s direct listing on Nasdaq.
Trade The Chain, a real-time crypto data service, confirmed the number of bitcoin moved and said it amounts to about 10% of the total 119,756 BTC stolen from Bitfinex in 2016’s hack.
The activity came as cryptocurrency exchange giant Coinbase went live with its direct listing on Nasdaq and analysts told CoinDesk that the timing may not be a coincidence.
“We believe that the BTC transfers started during the trading for Coinbase’s direct listing,” Nick Mancini, research analyst at Trade the Chain, told CoinDesk in an interview. “The media shields allow them to at least get less publicity, considering there are fewer people tracking their movements or reporting it … everyone’s focused on the Coinbase listing.”
As Decrypt previously reported, over 5,000 BTC was also moved on Nov. 30 from the same stolen fund.
The November move of the funds came as bitcoin’s price headed toward $20,000, a record high price at the time.
But some suggested that the move is unlikely to create any near-term risks to bitcoin’s price.
“The 2016 Bitfinex hack BTC are some of the most tracked and blacklisted funds in the world,” Adam Cochran, a partner with Cinneamhain Venture, wrote in a tweet. “No exchange will process them. They can basically never be cashed out.”
However, with the rise of decentralized exchanges, Mancini said that there might be ways for the “bad actors” from the hack to obfuscate the addresses of the stolen bitcoin through popular crypto fundraising methods such as initial DEX offerings (IDOs).
“Although it is time-consuming, difficult, and somewhat trackable, we have seen with the wallets of where the money was transferred, they are already trying to obfuscate everything as best as possible,” Mancini said. “I suspect that this is not the final destination for these coins but the first destination for a path of many ways that these bad actors will take to eventually extract value out of the bitcoin. “
Bitcoin Sets a New Record High at $63,000 on Tuesday
Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.
The price of bitcoin climbed 5% in the last 24 hours to hit $63,171, according to data from Coin Metrics, before easing slightly to around $62,653. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,222.
Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.
“This is really good and really important for the industry,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC. “It’s going to increase the trust and transparency in our industry.”
“There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”
Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. It’s seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion in the first quarter of 2021, a nine-fold increase from the same period a year earlier, while profits grew to between $730 million and $800 million.
Bitcoin has more than doubled in price since the start of this year, as mainstream investors jumped into cryptocurrencies. Tesla recently made a $1.5 billion bet on bitcoin and now accepts the digital currency as a method of payment for its cars. Meanwhile, Wall Street giants like Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to bitcoin.
Bitcoin bulls view the cryptocurrency as a store of value akin to gold that can be used to diversify investment portfolios in times of economic crisis. But skeptical economists like Joseph Stiglitz and Nouriel Roubini are unconvinced, viewing bitcoin as extremely volatile and a vehicle for illegal transactions.
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