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Elon Musk Betting Big on Bitcoin


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Elon Musk’s large investment in Bitcoin underlines the promise of crypto currency but technical and energy challenges remain.
Elon Musk is making the headlines again but this time not in space. Instead, his earth-bound EV company Tesla has invested $1.5 billion in bitcoin currency. Further, the company intends to begin accepting cryptocurrency as a form of payment.
This announcement signals the growing importance of bitcoin and cryptocurrency in general. Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin. While Tesla’s $1.5B investment is huge, it represents a relatively small portion of the company’s available funds. According to Bloomberg, Tesla ended 2020 with more than $19 billion in cash on hand after having raised $12 billion in stock sales, taking advantage of the recent surge in its share price. ....

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