Tesla on Crypto High, Will it Buy Ether (ETH) Next?
CoinEdition
Published Feb 28, 2021 09:48AM ET
Updated Feb 28, 2021 10:01AM ET
Tesla on Crypto High, Will it Buy Ether (ETH) Next?
- Tesla (NASDAQ:TSLA) has begun investing in cryptocurrency, which asset will it invest in next?
- BTC and ETH have been setting new ATHs as of late. Both are still expected to rise.
- The brand bought 1.5 billion worth of Bitcoin and will begin accepting BTC payments.
- Perhaps with ETH hitting new highs as well, Tesla may invest in ETH next.
Tesla recently bought $1.5 billion worth of Bitcoin (BTC) and announced that the company would start accepting BTC payments. Since Ether (ETH) recently set a new ATH at over $1,800 could it be next?
Ethereum is expected to set another ATH soon, perhaps even surpassing $2,000. It constantly reminds traders why it ranks at number two, right behind Bitcoin. Thus, making ETH a great option for investments.
Likewise, most cryptocurrencies have been on the rise as of late. This includes one of Tesla CEO, Elon Musk’s favorite — Dogecoin. Doge also recently set a new ATH at over $0.08.
Musk has repeatedly shown his interest in the changing landscape of finance thanks to cryptocurrencies. He often tweets about his opinion on the matter of digital assets in relation to fiat money.
He even said that digital assets are the future. Once, going so far as to tweet that Bitcoin is as valuable as fiat money. However, it is interesting to note that he has also bashed Bitcoin quite a few times.
Musk once mentioned that Bitcoin’s energy-heavy mining protocols may not have been the best fit for Tesla’s brand. Ethereum, however, does not have the same problem as it uses a different mining protocol. A difference that makes it a viable option now that Tesla has taken its first steps in crypto adoption.
Perhaps we shall see Tesla investing in more digital assets very soon. Ideally, the next best option for the company would be ETH. The asset has been on a constant rise and Tesla could be considering taking the bull by its horns to reach the moon or even Mars, so to speak.
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Written By: CoinEdition
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