Tesla crypto move called seminal moment for Bitcoin

Mar. 24, 2021 9:58 AM ETTesla, Inc. (TSLA), BTC-USDBTC-USD, TSLABy: Clark Schultz, SA News Editor293 Comments
  • Wedbush Securities says it is a seminal moment for Bitcoin (BTC-USD) that Tesla (TSLA -0.9%) will use internal/open source software to conduct the crypto transactions for electric vehicle purchases.
  • Analyst Dan Ives anticipates Tesla customers outside the U.S. will be able to buy a Tesla with Bitcoin later this year. He expects less than 5% of TSLA transactions to be through Bitcoin over the next 12 to 18 months, however, he also says this percentage could move higher over time as crypto acceptance starts to ramp over the coming years.
  • "In a nutshell, Tesla accepting bitcoin as a form of payment for its products/cars is a potential game changing move for the use of Bitcoin from a transactional perspective. While many on the Street have discussed the prospects of this move for Tesla since being announced last month along with its $1.5 billion purchase of Bitcoin (we expect more purchases over the coming months) this morning's news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto from a transactional perspective."
  • Wedbush keeps a Neutral rating on Tesla and price target of $950.
  • Bitcoin is up 2.30% to $56,538.46. See the 24-hour chart on how the price moved off the Tesla development.

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