Bitcoin Declines Following Brief Surge on Tesla’s Tweet

Customers of Tesla can now purchase the company’s famous electric cars using Bitcoin, the company’s CEO Elon Musk announced on Wednesday through Twitter.

“You can now buy a Tesla with Bitcoin,” Musk tweeted.

Earlier this year, Tesla decided to invest $1.5 billion in the cryptocurrency, which helped Bitcoin reach new all-time record highs amid increased demand from institutions.

Following Musk’s tweet, the biggest digital currency in the world in terms of market capitalization, rose by as much as 4% above $56,000.

Following some selling pressures and profit-making, Bitcoin is now down by about 1.60% at $54,818, extending its decline over the past seven days to about 4.2%.