Tesla to accept bitcoin as payment in ‘near future’ after $1.5 billion investment in bitcoin
The electric car manufacturer announced revealed the new bitcoin investment with its annual 10-K report. Tesla says it will also begin accepting bitcoin as a form of payment for our products in the near future.
“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 of $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. – Tesla official says.”
Elon Musk has been a fan of bitcoin recently. Musk has been vocal about backing the cryptocurrency on Twitter, even adding “bitcoin” to his profile recently. Musk has also been backing Dogecoin on Twitter over the past week, sending its value up just moments after his tweets.
News of the Tesla investment has sent the price of bitcoin up to almost $45,000, the highest value so far.
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