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Current Bitcoin Price USD. Bitcoin Price Surges to Record High After Tesla Announcement. The price of Bitcoin surged to an all-time high of $48,000, after Tesla, revealed that it had purchased $1.5 billion of the c Cryptocurrency. In its annual 10-K regulatory filing with the Securities and Exchange Commission (SEC), the electric automaker revealed that it had stockpiled Bitcoin as part of its investment strategy.
In the regulatory filing, Tesla divulged that it now held digital assets subject to market volatility:
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“We hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.
In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.
As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.
Thereafter, we invested an aggregate of $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.
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Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties. Current Bitcoin Price USD For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable.
Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence.
Finally, the extent to which securities laws or other regulations apply or may apply in the future to such assets is unclear and may change in the future. Current Bitcoin Price USD If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed.
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Moreover, digital assets are currently considered indefinite-lived intangible assets under applicable accounting rules, meaning that any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions for any market price increases until a sale, which may adversely affect our operating results in any period in which such impairment occurs.
Moreover, there is no guarantee that future changes in GAAP will not require us to change the way we account for digital assets held by us.
Finally, as intangible assets without centralized issuers or governing bodies, digital assets have been, and may in the future be, subject to security breaches, cyberattacks or other malicious activities, as well as human errors or computer malfunctions that may result in the loss or destruction of private keys needed to access such assets.
While we intend to take all reasonable measures to secure any digital assets, if such threats are realized or the measures or controls we create or implement to secure our digital assets fail, it could result in a partial or total misappropriation or loss of our digital assets, and our financial condition and operating results may be harmed.”
“Whether there is someone out there that would actually buy a Tesla with bitcoin now is another thing but this is a big move by the company. Current Bitcoin Price USD Some other companies may be tempted to follow but the vast majority will be far too cautious to expose themselves to the volatile world of cryptos.
Musk isn’t one to shy away from bold moves though and has now put his money (well, Tesla’s) where his mouth is. Current Bitcoin Price USD Either way, it’s off to the moon we go,” stated Craig Erlam with foreign exchange firm OANDA.
This most recent news now begs the question how investors will view the electric automaker.
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“I think one of the big issues we’ll see that many people had going into this was: Should I trade Tesla as a technology company? Should I treat Tesla as an automobile company?
And I think now as a Bitcoin investment it changes how you look at Bitcoin itself in terms of where will this start fitting into the balance sheets of major corporations, as well as day-to-day life.
How does their board, C-suite and large shareholders feel about this? Current Bitcoin Price USD It’ll be interesting to see all the parties that have a voice over the next few months, when they weigh-in, and if this philosophy changes for Tesla, a little bit more,” explained TD Ameritrade Chief Strategist, JJ Kinahan.
In 2020, Tesla’s stock skyrocketed 500% and for a spell became the fifth most-valuable American company. By January 2021, its founder, Elon Musk, surpassed Jeff Bezos, to become the wealthiest person on the planet. Current Bitcoin Price USD As of February 2021, Musk’s net worth is estimated to be roughly $206 billion. Get Started Today at Regal Assets
“If any lesser mortals had made the decision to put part of their balance sheet in Bitcoin, I don’t think it would have been taken seriously. Current Bitcoin Price USD But when the richest man in the world does it, everyone has to take a second look,” said Thomas Hayes, managing member at Great Hill Capital LLC in New York.
Unsurprisingly, the latest news of Tesla’s investment strategy ignited a Bitcoin frenzy, sending the price of the crypto to a record high. To date, the price of Bitcoin has risen over 50% in 2021.
Many cryptocurrency analysts now see the Tesla announcement as just the beginning of more mainstream adoption of Bitcoin, particularly by more Fortune 500 companies.
In light of the news, Bitcoin has now surpassed both Tesla and Facebook to become the ninth most valuable company on Earth. Its market capitalization is now estimated to be close to $900 billion.
Silver Will Outperform Gold in 2021 According to Commerzbank Analysts.
Analysts at Germany’s Commerzbank have a bullish forecast for silver in 2021, according to their recently released outlook for precious metals report.
The bank’s analysts foresee silver outperforming gold as the global economy begins to recover from the COVID-19 pandemic, thus fueling the industrial demand for silver.
“The arguments for a further increase in the silver price are, in our opinion, overwhelming. The flood of cheap money is likely to lift not only gold but also silver, which also still has catchup potential compared to gold.
Recovery of the economy should also boost industrial demand. Current Bitcoin Price USD We, therefore, expect silver to resume its upward trend,” Commerzbank analysts explained.
Commerzbank foresees the price of silver to increase to approximately $32 an ounce by Q4 of next year.
“Industrial demand is expected to pick up in 2021, as the factors that weighed on the economy this year are likely to lose their influence. Current Bitcoin Price USD With the availability of effective vaccines and the progressing vaccination of the population, the risk of other lockdowns and supply problems should be significantly reduced.
However, mine production is also expected to return to normal. Both effects are likely to cancel out each other. Current Bitcoin Price USD Thus, it will probably depend on the other demand components in which direction the pendulum swings in the market balance,” stated the bank’s commodity analysts.
Additionally, Commerzbank forecasts a bullish 2021 for gold as well, fueled by continuing monetary and fiscal policy to ease the repercussions of the Coronavirus pandemic on the global economy.
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“We do not expect a change in the ultra-expansionary monetary and fiscal policy despite the upcoming vaccinations. Instead, governments and central banks will continue to be required to cushion the negative effects of anti-corona measures on the economy and society.
If the necessary fiscal stimulus measures are not adopted in time due to resistance in the legislative process, pressure on central banks to step into the breach with further easing measures would increase,” explained Commerzbank analysts.
Commodities analysts at the bank expect that given the global pandemic’s economic repercussions will still be felt well into the new year, the price of gold will surge past $2,000 an ounce. Current Bitcoin Price USD Commerzbank anticipates that the precious metal could trade at around $2,300 by Q4 of 2021.
“Even if, as we expect, the corona pandemic can be brought largely under control in the second half of 2021 through sufficient immunization of the population, the enormously increased public debt levels caused by the corona policy and the inflated balance sheets of central banks will remain in place for a long time to come.
The arguments in favour of gold have not changed for the central banks at all. The US dollar-denominated bonds held in the foreign exchange reserves hardly generate any positive nominal yields; in fact, the real interest rate on these bonds is almost entirely negative.
The euro-denominated bonds even have a negative nominal yield. Current Bitcoin Price USDThe price development of gold in this challenging year has also shown that gold offers great advantages as an integral part of foreign exchange reserves,” said the analysts.
Headquartered in Frankfurt, Commerzbank functions as a universal bank. As of 2019, it was the second-largest bank in Germany and had locations in over 50 countries around the globe. Bitcoin Price USD
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