Tesla bought $1.5 billion worth of Bitcoin

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Tesla Bitcoin Purchase

Tesla owner Elon Musk wasn’t playing when he recently changed his Twitter bio to “#bitcoin“. According to a SEC filing by Tesla the corporate has purchased $1.5 billion worth of Bitcoin.

In January 2021 we updated our investment policy to supply us with more flexibility to further diversify and maximize returns on our cash that’s not required to take care of adequate operating liquidity the filing reads.

As a part of the policy which was duly approved by the Audit Committee of our Board of Directors we may invest some of such take advantage certain alternative assets including digital assets. Thereafter we invested an aggregate $1.50 billion in bitcoin under this policy and should acquire and hold digital assets from time to time or long term.

According to the filing Tesla can also start accepting Bitcoin as a sort of payment for its products within the near future.

With the move Tesla is following within the footsteps of MicroStrategy a software company which recently invested billions of dollars in Bitcoin which can have caught the eye of Musk.

Musk tweet:

Musk recently spoke positively about Bitcoin saying during a Clubhouse chat session that the cryptocurrency will get broad acceptance within the future.

Shortly after his comments on Bitcoin Musk removed the mention of Bitcoin from his Twitter bio and began sharing memes about the joke cryptocurrency DOGE whose value has soared, possibly as a results of these comments.

Notably while Tesla’s SEC filing mentions only Bitcoin by name it does say the corporate may acquire digital assets. The filing also says Tesla is now liberal to invest in gold bullion and gold exchange-traded funds.

Following the news the worth of Bitcoin immediately skyrocketed to over $43,000 a replacement record high for the cryptocurrency.

SEE ALSO ” How crypto is approached by the emerging markets? “.

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