You could say Elon Musk has been on a cryptocurrency roll recently, having both added #Bitcoin to his Twitter profile, and highlighting the meme-market cryptocurrency throughout many of his tweets. Now, new SEC filings reveal that Tesla has invested $1.5 billion USD in Bitcoin.
The company, elaborating on the move, has further clarified that it plans to “begin accepting bitcoin as a form of payment for our products in the near future”, in addition to broadening the scope of its investment policy.
The company’s full note reads:
“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, we may invest a portion of such cash in certain specified alternative reserve assets.
Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy. 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.”
Naturally, Bitcoin’s price reached a record high of over $43,000 USD on the news – cementing yet another milestone into 2021. It remains to be seen whether the company will accept other cryptocurrencies as part of its revised position.
What are your thoughts? Could the fact that Tesla is prepared to adopt Bitcoin spur other investors and firms to do so? Let us know your opinion in the comments below.
