Bitcoin Hit $47.5K Amid Prospects for Wider Corporate Acceptance

Bitcoin (BTCUSD) price extended the upside momentum and hit the new all-time high of $47.5K in early Asian trade on Tuesday, thanks to Tesla’s (NASDAQ: TSLA) $1.5 billion worth of investment in the cryptocurrency – which many analysts believe has set the path for wider corporate acceptance.

Tesla also stated that the company is planning to accept bitcoin as a valid form of payment for its products in the near future.

Dermot O’Riordan, partner at the blockchain-focused private-equity firm Eden Block said:

This moment will likely be looked upon in years to come as a genuine tipping point; Elon and Tesla’s support legitimizes crypto and opens up bitcoin to a whole new class of retail and institutional investors. Now it seems all of Wall Street is in bed with this industry – if they weren’t paying attention before, they are now.”

Elon Musk Active Involvement Adds to Bitcoin Bullish Sentiments

Bitcoin price has been experiencing a stunning price rally in the last couple of quarters amid the entrance of institutional investors and other big players. Moreover, the world has also started adopting crypto coins. European Union has recently announced to launch its digital currency to match with consumer demand and changing payment trends.

Although Elon Musk is a late adopter of bitcoin, his involvement matters a lot for other big companies like Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN). He has also been optimizing investor’s sentiments through Tweets. He is helping to push Dogecoin’s (DOGEUSD) price to new all-time highs.

The future currency of Earth

— Elon Musk (@elonmusk) February 6, 2021

Stefan George, co-founder and chief technology officer at the prediction-market platform Gnosis said:

Tesla’s bitcoin acquisition is a strong signal for a new era of integration between the cryptocurrency ecosystem and mainstream business, in which tokens increasingly act as not only a store of value but tangible medium of exchange.”