Today, the price of Bitcoin surpassed just over $47,000, a new all-time high for the world’s largest cryptocurrency.

The total market capitalization of Bitcoin has reached $872 million, about $60 million more than the value of all shares in Tesla.

The rise of bitcoin in this way has been attributed by many analysts to the interest of the “Tesla” company led by “Elon Musk” and its investment of $ 1.5 billion, which represents about 15% of the net cash in the main cryptocurrency.

As we mentioned earlier on the site Arab BitcoinTesla made headlines with its purchase of a significant amount of bitcoin, which was disclosed in a Form 10k filed with the US Securities and Exchange Commission (SEC).

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David Lawant, an analyst at Bitwise Asset Management, noted in a tweet shortly after Tesla invested in bitcoin that the company had invested as much as 15% of all its cash stake in bitcoin.

According to the latest 10K file, Tweet embed It had cash and cash equivalents of $19.4 billion (gross), or $98 billion (net of debt and finance leases).

Using these numbers as a reference, $1.5 billion in # bitcoin It represents an allocation of 7.7% on total cash or 15.1% on net cash. pic.twitter.com/tDVqJGtj2Q

– David Lawant (@dlawant) February 8, 2021

According to Lawant, the SEC’s request showed that Tesla has $19.4 billion in gross cash and $9.8 billion in net cash wealth.

With the above numbers, Bitwise Research Analyst notes the following:

Using these numbers as a reference, the $1.5 billion invested in bitcoin represents an allocation of 7.7% on the company’s total cash holdings or 15.1% on net cash.

Bitcoin investment from Tesla positively affected the price of Bitcoin, with the price of the coin hitting a new all-time high at over $47,000 as we noted in the introduction to this article.

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There was speculation in December 2020 about whether Tesla would join Bitcoin, especially after Michael Saylor, director of Micro Strategy, spoke with Elon Musk about Bitcoin.

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At the time, the CEO of MicroStrategy advised Musk to shift Tesla’s balance sheet from dollars to bitcoin.

Saylor said in a later interview:

If Tesla puts $1 billion into bitcoin, it will double its money within 12 months.

If they invested $2 billion, they could potentially make a gain of $10 billion.

By the way, anyone can do this.

If you are a billionaire hedge fund owner, when you put a billion in bitcoin, say you did, and you will see the result.

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