Tesla has invested $ 1.5 billion in bitcoin and has revealed plans to accept cryptocurrencies as payments “in the near future”.
The company revealed in a Securities and Exchange Commission filing on Monday that it bought $ 1.5 billion worth of bitcoin, noting that it had “invested in some alternative reserve assets” as part of its updated policies, CNBC and Reuters reported.
“We expect that in the near future it may begin to accept bitcoin as payment for our products, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
The price of bitcoin reached a new high on Monday after Tesla’s announcement. According to The Associated Press, the company invested $ 19.4 billion in cash and cash equivalents, in its fourth quarter earnings report.
Breaking: Bitcoin growth amid new all-time high news of Tesla investment https://t.co/wFgMypwnsB pic.twitter.com/13fSWgTF1i
The news, CNBC wrote, “immediately raised questions about CEO Elon Musk’s behavior on Twitter in recent weeks” when he expressed support for Bitcoin and Dogcoin, which both saw their prices rise. Musk added “#bitcoin” to his bio on Twitter last month and said during a recent clubhouse chat that he is “a supporter of bitcoin,” also predicting that “traditional finance is on the verge of gaining widespread acceptance by people”.