Tesla Buys $1.5bn Bitcoin Despite Clampdown On Crypto-Currency

Despite the clampdown on crypto currency, Telsa Incorporated said that it has invested $1.5bn dollar in Bitcoin.

But in filling to the United States Securities and Exchange Commission , Tesla Chief Executive Officer, Elon Musk disclosed further plans to accept Bitcoin as a payment means for its cars, prompting a seven per cent spike in the crypto-currency.

With the announcement, Bitcoin has jumped to a record high of $44,000.

Several Central Banks had recently warned its investors against cryptos, with the Central Bank of Nigeria being the latest to take regulatory measures against the currency it described as a medium used for funding illicit activities.

The CBN move triggered reactions from Nigerian investors who accused the Federal Government of stifling innovation.

Reacting to the development, Kalu Aja, a financial expert said, “Many will now follow Tesla’s lead. The BTC is becoming mainstream because of Elon.

“A lost opportunity ten years from today we will look back….many will not believe the central bank of Africa’s largest economy prohibited crypto-currencies.”

Another expert, Tosin Olugbenga said, “But CBN in Nigeria is associating crypto-currency transactions to terrorism and money laundering. Like the money Abacha stole was done via cryptocurrency. You can stay behind, but we would not.”

Brian twitted, “While companies like Tesla is buying #bitcoin worth $1.5bn, the @NigeriaGov is restricting access to such innovative technology.

Dylan Secrest said, “Tesla buying $BTC has officially created a demand floor and legitimized it as a store of value. More companies will follow the leader by rushing to purchase the asset at the lowest price it may ever be.”