Litecoin founder Charlie Lee predicts a giddy period for cryptocurrencies, following the Tesla's announcement that the company had bought $1.5bn worth of Bitcoin and is planning to allow consumers to purchase vehicles with BTC.
The ensuing price rally has reached a new all-time high at $47,194.80 at time of reporting. What does this mean for Bitcoin and the crypto ecosystem as a whole?
Only good things, said Lee, who argues that should big merchants begin to accept crypto payments, that is already a sign of the public trust in the currency as the means of payment.
He sees a full economic circle where people are paid in Bitcoin and where investors hold funds and invest the currency, and more. PayPal's decision to make cryptocurrencies available to its 23 million merchants is another turning point and a strong sign from institutional players that the time of crypto may be close at hand.
Litecoin is just one of the main currencies now featured on PayPal, giving it another layer of credibility. Lee confirmed that having Elon Musk invest and endorse Bitcoin is a good sign for the future.
More endorsement for the crypto space may arrive from Apple, as well, with rumors swirling that the giant could obtain significant dividends from buying Bitcoin.