Does Tesla FUD Still Matter for BTC?

Does Tesla FUD Still Matter for BTC?


Bitcoin surged 12% earlier on Monday, recording another high at $39,230. For now, the leading crypto attempts to break from a price zone that held it for about two months. Keep in mind that Bitcoin has traded in the $30,000 to $40,000 range since the May market crash. The current positivity in the financial space had the asset breaking past the critical resistance at $38,300, aiming at $40,000 for now.

Market players trust that today’s price pump comes from rumors that Amazon plans to accept BTC. Insider’s report suggests that the online marketplace might accept BTC payments by December of 2021.  Moreover, the commerce giant may launch its native token by next year. It is undeniable that such news pulled BTC out of its price slumber that existed for over a month. For now, the asset appears to be on bullish momentum. Some analysts think that Amazon’s BTC adoption will overturn Tesla’s BTC FUD.

Tesla BTC FUD Fading

Bitcoin saw substantial price pumps earlier this year when Tesla declared accepting BTC payments for the first time. However, a few months later, Musk suspended Bitcoin deals citing environmental worries. Such news coupled with China’s crackdown had BTC value losing over 50%. Nevertheless, if Amazon accepts BTC by December 2021, market players may forget about Tesla’s BTC FUD.

Amazon is a renowned online market, reporting more than two hundred million followers as Prime subscribers as of Q1 2021. Also, its platform boasts over 197 million visits per month and a growing customer market share. As much as PayPal’s BTC adoption allowed millions to access the coin’s payments, Amazon’s move will mean any individual can buy anything using their Bitcoin.

Musk’s impact seems to have faded over the last few months. At the start of the year, the executive could move crypto prices with his comments. However, with the B-Word conference, where the CEO made multiple positive statements about BTC, the coin didn’t rise as it would some months ago. Elon Musk declared that his firms still hold the leading crypto coin. He also said that Tesla might consider Bitcoin payments in some time to come.

Amazon adding BTC payment will undeniably make Tesla’s FUB inappropriate.

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