Bitcoin: why a wave of huge companies like Tesla rushing to invest could derail the stock market

By Gavin Brown, Associate Professor in Financial Technology, University of Liverpool

After Tesla announced it has invested US$1.5 billion in bitcoin and expects to start accepting the cryptocurrency as a payment for its electric vehicles in the near future, the bitcoin price went soaring. It went from around US$39,400 to an all-time high of over US$48,000 in less than 24 hours.

The price is now up by over 50% in the first six weeks of 2021. Led by Elon Musk, Tesla’s investment is obviously…

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