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Tesla rips higher as Bitcoin provides steady tailwind

Tesla rips higher as Bitcoin provides steady tailwind


Seeking Alpha
2021-04-13 19:29:24

Another big run for Bitcoin (BTC-USD) to over the $63K level is providing something of a tailwind for Tesla ([[TSLA]] +8.6%) today. The move by Tesla to accept Bitcoin payments and invest $1.5B in the cryptocurrency is expected to be another incremental move forward into the mainstream.A big splashy debut by Coinbase Global is also working in favor of the crypto world. "Tesla accepting Bitcoins as payment could set off a chain reaction among other automakers to start heading down this path over the next 12 months given the pervasiveness of this crypto movement globally. While we still expect only 3% of Tesla's will be purchased with Bitcoins over the next year, given the increasing global demand from customers around the world to use cryptocurrencies we continue to view Musk's strategic move as a smart one for Tesla as the company continues to be a thought leader in the massive


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