By
Bena Ilyas
April 18th, 2024
The push by Tesla has driven the market capitalization of Bitcoin to $851 billion with about a 63% dominance rate in the market.
Tron founder Justin Sun’s tweet from March 2019 about “When Lambo” and Tesla Inc (NASDAQ: TSLA) are coming off as a prophecy come through following the Electric Vehicle maker’s latest big bets on Bitcoin. Per an earlier report by Coinspeaker, Tesla, under Chief Executive Officer Elon Musk has put $1.5 billion worth of BTC on its balance sheet while also declaring its readiness to accept Bitcoin payments for its products.
Justin Sun’s Tweet in Retrospect
This move by Tesla appears to have been foreseen by Justin Sun whose tweets back in 2019 as stated, connoted that there will soon be a paradigm shift in Tesla’s engagement with the first-ever digital currency.
We should change the "When #lambo" culture in crypto to "When #tesla". Everyone in crypto world should get a #tesla. @elonmusk
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 13, 2019
The tag, “When Lambo” is the term that was prevalent in the crypto space at the time, even to date amidst the rollout of a growing number of altcoins. People use the term When Lambo to demand when the valuation of any one asset will be high enough to get a Lamborghini, or more generally, to highlight when the crypto-asset will be deemed successful.
Per Sun’s words, the veteran developer might have foreseen the eventual success that the crypto world will experience as we saw in 2020 with massive institutional investors entering the space. His message featuring Tesla is also a way to shift focus on the auto giant who as of then, has not exploded in recognition as the world’s most valuable auto brand, including its addition to the S&P 500 Index (INDEXSP. :IXP).
The message for everyone in the crypto space to own a Tesla is now metaphorically becoming feasible as Tesla can now accept payment for its array of electric vehicles with Bitcoin. An allowance that may extend to other altcoins soon.
Bitcoin and Tesla Valuation Soars
The move by Tesla as reported has sent the price of Bitcoin to a new all-time high above $47,500. At the time of writing, Bitcoin is up 17.74% and currently exchanging hands at $45,870 per coin according to CoinMarketCap.
The push by Tesla has driven the market capitalization of Bitcoin to $851 billion with about a 63% dominance rate in the market. Tesla shares were also up by 1.31% after trading on Monday with a market cap of $818.4 billion.
While Bitcoin and Tesla enjoy much of the focus, the crypto space appears to be gearing up for the impending surge in the price and valuation of BitTorrent, a Justin Sun backed cryptocurrency-based file-sharing network. While the 197% day gain of BitTorrent and 295% surge in the past week’s dwarfs the duo of Bitcoin and Tesla’s, its price is still way below the price of Dogecoin (DOGE), another altcoin being shilled by Elon Musk.
Nonetheless, the recent pump of BitTorrent just like most altcoins is positively correlated with Bitcoin’s growth, and more imminent growths for the BTT tokens will not come unexpected.