Tesla buys $1.5 billion in Bitcoin, will accept as payment soon

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Updated: Feb 08, 2021 9:05 PM

Bitcoin spiked 14 per cent and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well.

bitcoinThere is an entire crypto-economy out there for our taking, with billions of dollars of investments and job, very similar to the internet economy that India joined a decade or so ago to create world-class entrepreneurs.

Tesla has acquired around USD 1.5 billion in Bitcoin under an investment policy at the electric car maker headed by Elon Musk, and it plans to begin accepting the digital currency as payment for vehicles soon. The California company revealed the new strategy in a filing with the US Securities and Exchange Commission early Monday, saying its investment in digital currency and other “alternative reserve assets” may grow.

Bitcoin spiked 14 per cent and appeared to briefly hit a new all-time high. Shares of Tesla moved higher as well.

In its fourth quarter earnings report last month Tesla said it had cash and cash equivalents of USD 19.4 billion.

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