Tesla buys $1.5 billion in bitcoin and may accept the cryptocurrency as payment in the coming days for its cars. Though, the company did permit that there are few regulatory uncertainties around that part.
The bitcoin’s price immediately rose by about 7% to $40,000+ per coin as the news broke.
Previously, Tesla had telegraphed that it had an interest in cryptocurrency, but to trade such a large block of the coin is notable.
Tesla writes, it “upgraded its investment policy to provide it with more flexibility for further diversify and increase returns on cash that is not needed to maintain adequate operating liquidity. And adding that it has the choice of putting cash into “gold exchange-traded funds, digital assets, gold bullion, and other assets identified in the future.”
Under that banner, Tesla has invested about $1.5b in bitcoin,” continuing to say that the famous electric car company may obtain and hold digital assets from time and again of long-time.
That’s sufficient enough for the firm to do whatever it desires to do with its cash and the crypto markets.
The firm also expects to start accepting bitcoin as payment for its product in the future, subject to applicable laws and originally on a limited basis, which may or may not liquidate.
Elon Musk, in recent days, has made waves by making a silly cryptocurrency joke called Dogecoin. The firm is choosing bitcoin as the cryptocurrency of its choice, supporting to further cement the blockchain as the world’s best known. It’s worth attracting that Musk himself has sent bitcoin prices higher in past using his social platforms, which includes changing his bio to just a single word.
