Tesla invests $1.5 billion in bitcoin, plans to start accepting cryptocurrency as payment 7 months ago

Tesla invests $1.5 billion in bitcoin, plans to start accepting cryptocurrency as payment

Tesla is going big on Bitcoin

Tesla Inc has invested $1.5 billion in digital currency bitcoin, reports Bloomberg.

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Elon Musk's electric car company also indicated it plans to start letting customers pay for their products with cryptocurrency, albeit on a limted basis.

The move follows a change in Tesla's investment policy last month, that will allow it to invest in digital assets, along with gold bullion and gold exchange-traded funds.

"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," Tesla said in a securities filing on Monday.

"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."

The investment has been a boost to bitcoin, with its price rising around 13% to an all-time high of $43,725.51.

Elon Musk recently caused a surge in bitcoin prices when he added "#bitcoin" to his Twitter bio.

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He has since removed the hashtag, but started tweeting about the cryptocurrency Dogecoin, causing it to rise by 50%.

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