Tesla buys $1.5 billion in bitcoin, plans to giveaway $750M of it

Tesla recently announced it has bought $1.5 billion worth of bitcoin. In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and to take power away from those that can print money out of thin air.”

In light of this, Elon Musk has personally allocated 12,362 Bitcoins (Worth $750 Million US Dollars) to be given out as a way to speed up the process of cryptocurrency adoption.

If you want to participate, simply navigate to the BTC portal below to learn more:

- This promotion is available worldwide. Anyone with a Bitcoin wallet can participate.

- You can only participate once.

- You can send Bitcoin using any wallet or exchange.

"Tesla's decision to donate in bitcoin rather than dollars will likely build more momentum for the cryptoasset," Simon Peters, cryptoasset analyst at brokerage eToro, said in emailed comments.

"Tesla and other companies are showing that crypto is here to stay, and its mainstream adoption is only going to increase. In terms of market dynamics, as more companies hold bitcoin on their balance sheet, so the finite supply is depleted even more, and this is likely to cause a supply-side squeeze and boost prices over the longer-term."

Bitcoin has been further boosted by Wall Street institutional adoption and a wave of retail traders keen not to miss out on the rally.

Yesterday, Deutsche Bank analyst and Harvard economist Marion Laboure said "Elon Musk is doing something absolutely amazing for the Crypto community."