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Tesla Holds $1.99B Bitcoin, Good for BTC Growth

Published 02/07/2022, 09:50 AM
Updated 02/07/2022, 10:00 AM
© Reuters. Tesla Holds $1.99B Bitcoin, Good for BTC Growth
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    • Tesla’s share in Bitcoin is now $1.99 billion.
    • Traders see it as a good move for Bitcoin’s growth.
    • Others also suggest that it will help BTC’s utility if Tesla (NASDAQ:TSLA) holds its Bitcoin for the long term.

An electric car company, Tesla, is holding more than $1.99 billion in Bitcoin (BTC). As per traders, the amount of BTC that Tesla holds is a good step to boost BTC’s utility growth.

Moreover, traders think that if Tesla keeps its BTC holdings for the long term, it will sustain Bitcoin’s growth and its market dominance. Apart from the different suggestions and opinions by the traders, Tesla’s Bitcoin holdings have raised many concerns among some of the popular BTC enthusiasts in the market.

Alongside this, the Twitter (NYSE:TWTR) crypto netizens suggest that Elon Musk’s appearance and presence in the crypto space has been helpful to Bitcoin and most of the other Altcoins massively.

Furthermore, they admire Musk’s presence in the market in esteem because of how he has been supportive of Bitcoin since last year. They further attributed the previous announcement that Tesla accepts payment in Bitcoin, as one of the biggest efforts that Musk has made for the BTC market.

Lastly, Tesla holding the $1.99 billion in Bitcoin is pretty much good for the crypto’s market potential and valuation. Not only Tesla, but many other companies including MicroStrategy has also been supportive of Bitcoin. The company continues to add more Bitcoins to its crypto treasury every day, like never before.

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