Following a recent Bitcoin post in Elon Musk’s Twitter bio, Tesla announced a $1.5 billion Bitcoin purchase in a recent SEC filing. This disclosure lit a fire under Bitcoin, leading to a $5,000 move and a series of struggles to keep up with purchases on crypto exchanges. Also included in the Tesla disclosure was an announcement that they will be accepting Bitcoin on a limited basis for purchases.
All of this activity follows on the heels of a recent Microstrategy conference attended by thousands of public corporation executives. Many of those in attendance are expected to move portions of their corporate treasuries into Bitcoin in the coming year, making for a potentially explosive 2021.