Tesla Bitcoin Announcement Adds Billions to Crypto Markets

[Nostoman]

Crypto markets added $100 billion in hours thanks to news Elon Musk's Tesla car company will accept bitcoin as payment.



When Elon talks Bitcoin, the market listens. It was no different early in European business hours as the Tesla CEO announced that the company would accept Bitcoin as a form of payment for one of its cars.

While that would be enough for the markets to take a tick upwards - see the Elon effect - the chief executive also announced that the company will keep the money it receives in crypto as crypto. Then things went nuts.  Global market cap had been hovering around $1.6-trillion and suddenly shot up into the $1.7 trillion range.

Tesla Bitcoin Announcement Adds Billions to Crypto Markets