"Tesla Decides Bitcoin's Future"-Is Elon Musk Behind The Price Soar?

“Tesla Decides Bitcoin’s Future”-Is Elon Musk Behind The Price Soar?

The year started with the great flow in the business market, especially for those who invested in Bitcoin because it looks like cryptocurrency wouldn’t dare to come down.

People who had invested in Bitcoin surely sitting and enjoying their money’s worth rising. This outcome would be more beneficial for Tesla, as their interest and investment are considered to be huge.

Last month in February, Elon Musk CEO of Tesla bought bitcoins and shocked the world.

Source: Fortune

Soon it happened, Musk tweeted and the bitcoin dropped down viciously which let Tesla lose in billions.

His One Move Changed the Game

Souce: Information Age

People no doubt criticized Elon’s move, because of the bitcoin’s unpredictable ups and downs in the raise. But everyone knows him for taking a risk and proving the world wrong with his actions.

This week Bitcoin prices raised up to near its crypto market value around 2 trillion dollar.

Source: Medium

Since Tesla showed its interest in Bitcoin, other high investors also step into the world of CryptoCurrency. The effects of Tesla is invisible, this year bitcoin started with 30,000 per bitcoin and doubled due to such investors.

His tweeting habits regarding the Bitcoin also raised some important questions related to market manipulation. Because the market had witnessed the effects of his tweets on the market.

Expert Predictions and Analyst

Source: EIU Perspectives

Looking at the current bitcoin situation, many of the experts have predicted future among them Deutsche Bank analyst and Harvard economist Marion Laboure shared his analyst,

“the next two or three years should be a turning point for bitcoin,” pointing to Tesla’s trajectory as a potential road map for bitcoin to “transform potential into results.”

Further, he shared, “Bitcoin’s current valuation is pricing in a shift toward cross-border digital currencies; the hypothesis is that bitcoin, as the leader, will benefit from network effects and become an important means of payment in the future,”

Source: Quora

along he also warned the investors about the Bitcoins price fluctuation. “remain ultra-volatile” and warns “a few additional large purchases or market exits could significantly impact the supply-demand equilibrium.”

This magic happened because of the one and only Elon Musk. His investment created a huge impact on the bitcoin market, which sharply raised the bar of the prices and let other investors come in.

Looking into the deep history behind both Tesla and Bitcoin’s followed the same route over the last few years, as Tesla’s shift towards the market sentiment swiftly in the last 18 months with their early outcomes.

On Tesla, Laboure said, “Tesla is five years older than bitcoin and has always sparked robust debates between people who see it as a soon-to-die fad and those who see it as the future of the car.”

The Crypto Tesla Future Near

Source: TechEngage

For the long term, Bitcoin has to transform like Tesla in providing potential results to maintain the value proposition. There’s no denying that, Elon’s move worth not only in its favor but also others too.

Because such a raise in cryptocurrency doesn’t seem to be real and it feels like Musk would change the reality of Bitcoin.

Tesla revealed the potential future for Bitcoin, which is considered to be the big revelation for digital currency.

Soon Bitcoin’s price climbed the ladder, Elon’s interest shifted towards the Joke Coin aka DogeCoin.

The way Elon Musk supporting the digital currency, his tweets majorly affecting the prices, people would shift towards the cryptocurrency if the prices sustain and give full leverage to their investors. Because believe it or not Cryptocurrency can be the future.

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