Bitcoin supporter Elon Musk saw his net worth surge from $1.7 billion up to $32 billion last week as shares of Tesla exploded. The company’s share price is up more than 30% this month alone. This investment in innovation proves more people are ready for cryptocurrency than it may initially appear.
The automaker’s personal fortune has risen more than $10 billion since October and appears to show no signs of lagging. This growth is largely due to investor exuberance for the electric vehicle manufacturer, and the shift indicates an overall increase in investor willingness to participate in new and better technological advancements.
The company passed both Ford and GM in terms of overall market cap this month based on sales of just over 360,000 vehicles. To put this in perspective, however, Ford sold 2.4 million units, and GM sold 2.9 million. Volkswagen, the German manufacturer, delivered a whopping 11 million.
Nevertheless, investors have flocked to shares of Tesla, doubling its price since last year. The movement toward the all-electric company has caught Wall Street analysts off guard. A majority still rank Tesla as a ‘sell.’
The surge in Elon Musk’s company shares indicates a growing investor appreciation for all things tech-related. Innovation is leading the charge, and investors apparently believe that the future will require new systems.
Tesla is notoriously cutting edge. The most recent release of the Cybertruck shows a willingness to break the mold, for example. Investors see this as forward-thinking and have proved it by buying up Tesla shares.
However, such a willingness to pursue innovation is also positive news for Bitcoin and cryptocurrencies. Musk’s own endorsement of Bitcoin as ‘clever’ shows that the digital currency holds potential.
Investors have continued moving toward new and innovative ways to approach problems. Cryptocurrencies, more than any other financial offering in the past decade, offer such innovation.
Of course, the image of ‘dark web’ transactions and massive volatility remain. Nevertheless, overall investor sentiment seems to have shifted in a positive way toward innovation. Bitcoin will likely follow suit.