Elon Musk’s Tesla Invests $1.5 Billion in Bitcoin, Price Hits New ATH

Today Elon Musk’s Tesla (TSLA), the electric car company announces that it has bought $1.5 billion in Bitcoin. It has also revealed that the company will soon start accepting payments in cryptocurrency. This is great news for the cryptocurrency market as this may lead to further mainstream adoption.

Tesla disclosed its investment in Bitcoin with a filing with UNITED STATES SECURITIES AND EXCHANGE COMMISSION on Monday. According to the filing, “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”

“As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.”

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.”

“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”

Soon after the news, the price of Bitcoin reaches a new all-time high of $44,112 USD. At press time it’s trading at $43,198 and price is up by 13.90% from last 24h. The market cap of Bitcoin is now $795,813,536,967 which is up by 12.04% from the last 24h.