The fact is that Tesla is among the top companies to promote crypto as Elon Musk, the CEO also backed Bitcoin in last few years. The support for BTC eventually resulted in great rally which took the coin to touch the record high level. Definitely, the love affair does not actually last long when Musk withdrew the support from this coin for different reasons. Instead it also extended it to the Dogecoin, thereby earning the name of the Dogefather.
Earlier, Tesla accept the payments of BTC for the Tesla merchandise, though it lately brought this to an end. However, it has also gone for expansion of such facility to the Dogecoin. This has also seen some kind of the speedy rise in the value subsequent to the support of Musk. Various followers have also gone for purchasing of the Dogecoin, thereby increasing the price value. As per the analysts, use of Dogecoin for various products of Tesla purchases will also hike the value ahead.
Bearish Market with enhanced regulation – Decrease in Bitcoin
Since with the regular use of BTC for the purpose of making payments and also decrease in the real-life use. Where the value may even see some kind of the decline. Here, bearish market along with the enhanced level of regulations are even key reasons where BTC observed a decline in the value. This is still to be seen about how it would react for such changes.
Tesla, foray & changes
Here, Tesla has simply attracted the main attention of various crypto investors previous year as it has also announced key investment in BTC. It also regular for investing in BTC though Musk has also promoted this coin actively. He even expressed some great hopes that the customers will use the coin for various Tesla cars and different products. However, it might not be realized because of any such changes in stance. Though, during the closing of 2021, the investments in this coin has even attain the level of $2 billion, this is certainly steep decline.