The value of bitcoin is expected to rise by 60,000 dollars daily in a year’s time, Henry Cobblah, Lead Manager for ISolve Africa made this projection following electric car manufacturer, Tesla’s recent investment in bitcoins.

According to him, this move by Tesla is to ensure that people can buy Tesla cars and their other products using bitcoin since the company’s involvement would provide institutional trust for bitcoins. 

Tesla on Monday bought $1.5 billion worth of bitcoins. It also announced that it would start accepting bitcoin as payment for its products.

“What it means is that it gives bitcoin an institutional trust. That means that Tesla which is a bigger company is already having it [bitcoin] so it’s not going to be a scam for any other person and so it makes it easier for people to trust it [bitcoin] and now buy,” he said.

He went on to analyze the electric car manufacturer’s effect on crypto currency as its recent stake caused a $10,000 increase in bitcoin trade.

“Now the point that people demand for bitcoin raises the value a bit higher. Last year it was $36,000, now it is 47,000 dollars. I mean the $10,000 difference is a huge investment on bitcoin and so people who are going to buy are going to be making profits. People who are holding it are going to make profit of it.”

“Now what happens is that the people who are in Ghana who want to put in a level of money in there are going to make more money because the volatility of the coin will be nowhere near where it will be stable. My prediction is that it’s going to go to $60,000 by the end of the year,” he projected.