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Bitcoin Soars To New High After Tesla Invested $1.5 Billion

Tesla Chief Executive Officer, Elon Musk on Monday announced that he invested USD1.5b into Bitcoin.

In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.”

Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.

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Tesla’s move into bitcoin represents an investment of a significant percentage of its cash in the investment. The company had more than $19 billion in cash and cash equivalents on hand at the end of 2020, according to its most recent filing.

In the filing, Tesla warned investors of the “highly volatile” nature of digital assets; and the still-developing regulatory framework surrounding that market.

He said, “I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people.”

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