Tesla accepting bitcoin as payment will help normalize cryptocurrency, analysts says

Tesla said on Monday it had invested about US$1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, a move analysts say will help normalize cryptocurrency.

Chief Executive Officer Elon Musk is a well-known supporter of bitcoin and has been weighing in regularly over the past week to a frenzy in retail investment and said a week ago that bitcoin was "on the verge" of becoming more widely accepted among investors.

Daniel Ives, managing director of Wedbush Securities, said that it was a "game-changer" for Tesla and that it could start to change how bitcoin is used. Zacks equity strategist David Borun added that if Tesla starts pricing cars by how much bitcoin it costs, it would cause a "certain currency normalization."

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