The announcement of Tesla’s purchase skyrocketed the price of bitcoin to more than $43 000, an all time high. The CEO of Tesla Elon Musk has been vocal about cryptocurrency on Twitter adding #bitcoin on his profile. Musk said on social medial chat site Clubhouse “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.
Professor of Duke University criticizes the investment saying “its unusual, its risky and it won’t provide that hedge that they are looking for. That to me is ok if you are a hedge fund and your clients know exactly what you do, Tesla is not a hedge fund”
Some crypto expert argue it would be too simplistic for institutions committed to environmental, social and governance issues to hold this against the company.