Einvestment Fund: Bitcoin Reaches All-Time High of $51K+ After Tesla Reveals a $1.5B Investment

Bitcoin - the world's most popular cryptocurrency - has reached a new threshold of $51,000 after Elon Musk announced an investment of $1.5 billion in Bitcoin.

On February 8, 2021 (Monday), the manufacturer of electric cars, Tesla, announced the company had acquired $1.5 billion worth of Bitcoin. The deal boosted a spike in Bitcoin's price, which soared to almost $44,000 on Monday. Later, the crypto hit $47,000 and even surpassed $51,000 on February 17. 

The rise of Bitcoin's price is attributed to the support of Tesla and its CEO, Elon Musk, in particular. Musk has been a supporter of cryptocurrencies, specifically Bitcoin. He admitted the fact in an interview on Clubhouse - a new trending social media app for wealthy people and industry leaders. The statement resulted in the price spike. Besides Bitcoin, he also mentioned Dogecoin in a tweet and, as a result, increased its market capitalization.

"Institutional investors and large corporations recently started to consider investing in cryptocurrencies and Bitcoin, in particular. It means that their shareholders will also be more exposed to crypto. For the moment, Bitcoin represents 8% of Tesla's liquid assets. If more companies follow the electric car manufacturer's path, the large number of new retail and institutional investors will enter the market and add digital assets to their portfolio as well. It's supposed to be a second valuable reason for accelerated development of the market in addition to trending DeFi industry. We currently hold over 25% of our total net assets in digital assets that are one of the most income-producing holdings in our portfolio", says Einvestment managing director, Gyros Chrysoulis.

Besides investing in Bitcoin, Musk also plans to accept the crypto as payment. If the initiative is implemented, the price of the digital currency is going to increase even more. Provided others begin to introduce Bitcoin payment, the value of the crypto may soar significantly.