Calls for Bitcoin To Copy Tesla Split As Rally Accelerates

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Last Updated on 2 September 2020 by CryptoTips.eu

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The Bitcoin price is trying to break through $12,000 whilst Ethereum reaches for a 2020 high. Meanwhile, investors are calling for a split of the most popular crypto coins into lower denominations, just as Tesla did. The call comes as the Californian carmaker continues it’s fantastic 2020 stock market rally upon being split 5 to 1 earlier this week.

Advertentie.

Five to one

Elon Musk‘s board decided to do the 5 to 1 split after the carmaker’s shares had reached $2,213 last Friday and they figured that the level about $2,000 was simply becoming too much for people to invest in.

After the stock had split over the weekend, it opened on Monday at $444 and has since rallied to almost $500 again, another 12% rise. Tesla closed at a level of $475 yesterday evening in the US.

Analysts in Silicon Valley called the move by the Tesla board a smart one and Dan Ives claimed that:

Another stock split by Apple and likely other larger tech stalwarts will follow this same path over the coming months.

Satoshis

Crypto fans like AS Blom have now called upon the crypto community to split down the price of Bitcoin as well to a lower level, making it psychologically easier for new entrants to buy into it. They seem to however forget that you can already buy Bitcoin in a smaller portion than just purchasing 1 while Bitcoin, through the purchase of a Satoshi, which is traded for a ratio of 100 million Satoshis to one Bitcoin.

The message was later picked up by famed crypto analyst Max Keiser.

This is not the first time that Tesla and Bitcoin have been in high demand among investors. Just last month trading tracker TradingView noted that the two were the most popular investments for Americans during the first half of 2020.