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Elon Musk’s Tesla Buys $1.5Billion in Bitcoin and Everyone is Talking About It

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ADELAIDE, AUSTRALIA – SEPTEMBER 29: SpaceX CEO Elon Musk speaks at the International Astronautical Congress on September 29, 2017 in Adelaide, Australia. Musk detailed the long-term technical challenges that need to be solved in order to support the creation of a permanent, self-sustaining human presence on Mars. (Photo by Mark Brake/Getty Images)

American electric vehicle company, Tesla, Inc has become the first automaker to acquire bitcoins worth $1.5billion for “more flexibility to further diversify and maximize returns on our cash.”

Tesla revealed in a filing with the Securities and Exchange Commission that a planned share of its assets may be invested in digital assets and that payments for its products will be made in bitcoin on a limited basis and “subject to applicable laws”.  This move will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.

The move by Tesla, coupled with earlier moves like Tesla CEO Elon Musk adding “#bitcoin” to his Twitter bio and sharing tweets that have led more people to purchase bitcoins, has caused the prices of bitcoin to skyrocket to at least $44,200 and making

As the world marvels at Tesla’s big move, Nigerians wonder what the next move for the country will be, as the Central Bank of Nigeria recently placed a ban on the exchange of cryptocurrencies in Nigeria.

 

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