Tesla invests $1.5bn in Bitcoin causing the currency to spike above $43,000
Giant electric car-maker Tesla announced that the company has bought $1.5 billion worth of bitcoin here on Monday.
According to the details, Bitcoin’s price soared to an all-time high, breaking above $43,000 apiece, after Tesla bought $1.5bn of the cryptocurrency.
The world’s largest cryptocurrency was trading 15% higher at $44,141 after Tesla’s announcement.
“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,” reads the filing.
“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.”
It further added, “In addition to the bitcoin purchase, Tesla expects to begin accepting bitcoin as a form of payment for its products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
Moreover, the announcement came days after CEO Elon Musk drove up the price of Bitcoin by adding “#bitcoin” to his Twitter profile page.
He removed it days later but has continued talking up Bitcoin and other cryptocurrencies which jumped 50% after his endorsement.
However, analysts said Tesla’s investment was likely to be a game changer for the crypto-currency.
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