While getting a rules overhaul through a bitterly divided Congress won’t be easy, analysts, consumer advocates and experts say changes may be on the table.
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(Reuters) - Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher.
The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3.
Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.
Analysts said it could help accelerate a move for bitcoin move towards the mainstream that has seen both Paypal, also co-founded by Musk, and huge global money manager BlackRock move to accept the currency.
Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed it had bought $1.5 billion (S$2 billion) of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher. The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20.
Bitcoin took another large stride toward mainstream acceptance on Monday after billionaire Elon Musk s electric vehicle company Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher.