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jlwm
2021-03-25

hold the line

Why Tesla Stock Dropped Wednesday

The EV leader is making a bigger move into the Bitcoin market. What happened Shares of Tesla (NASDAQ

Why Tesla Stock Dropped Wednesday

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It said at the time that it expected to begin accepting the&nbsp;cryptocurrency&nbsp;as a form of payment for its vehicles \"in the near future.\" Today, Musk made it official.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d9fd3d80dab0af6987e87d27456022b\" tg-width=\"2000\" tg-height=\"1333\"><span>TESLA IS BETTING BIG ON BITCOIN. IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p>Notably, Tesla will keep the Bitcoin it receives from its customers, rather than convert it into fiat currency like the U.S. dollar. That will increase Tesla's exposure to the cryptocurrency's wild price swings, which could make some shareholders uneasy.</p>\n<p><b>Now what</b></p>\n<p>Tesla's initial investment bolstered Bitcoin's legitimacy among investors and corporate management teams. 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It said at the time that it expected to begin accepting the cryptocurrency as a form of payment for its vehicles \"in the near future.\" Today, Musk made it official.\nTESLA IS BETTING BIG ON BITCOIN. IMAGE SOURCE: GETTY IMAGES.\nNotably, Tesla will keep the Bitcoin it receives from its customers, rather than convert it into fiat currency like the U.S. dollar. That will increase Tesla's exposure to the cryptocurrency's wild price swings, which could make some shareholders uneasy.\nNow what\nTesla's initial investment bolstered Bitcoin's legitimacy among investors and corporate management teams. Combined with Musk's support of Bitcoin on social media sites like Twitter, Tesla's foray into digital assets helped to drive the cryptocurrency's price up to record highs above $60,000 earlier this month. 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