Tesla bought $1.5 billion in bitcoin, and plans to begin accepting bitcoin for payment
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Tesla bought Bitcoin for $ 1.5 billion and plans to accept it as payment
Tesla announced on Monday that it had bought $ 1.5 billion worth of bitcoins, according to a statement from the US Securities and Exchange Commission (SEC).
According to the documents, the company said it bought the Bitcoin cryptocurrency for «more flexibility and for further diversification and increased profit from cash». In addition to buying digital currency, Tesla has said it will start accepting bitcoin payments in exchange for its products. This could make Tesla the first major automaker to accept Bitcoin as payment.
The move raised immediate questions regarding the CEO’s performance Ilona Mask on Twitter in recent weeks, where he is credited with raising the price of cryptocurrencies such as Bitcoin and Dogecoin by posting positive messages about them and therefore encouraging more people to buy.
Bitcoin prices climbed to new highs on Monday following news of Tesla, reaching at least $ 43,200. Tesla shares in premarket rose more than 2%. Tesla warned investors about bitcoin price volatility in its filings for the SEC.
This decision of the company represents an investment of a significant part of the available funds in investments. According to the latest data, the company had over $ 19 billion in cash and cash equivalents at the end of 2020..