Electric carmaker Tesla invests $1.5 billion in bitcoin: official
Tesla’s ground-breaking move – it also plans to accept bitcoin as payment for its cars soon – has seen the digicurrency hit record highs
American EV firm Tesla has revealed that it has invested around $1.5 billion in bitcoin – and it expects to begin accepting payment for its cars and other products with it in the near future, prompting a 7% jump in the electronic currency.
Tesla said on Monday in a filing that the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash.
It said it had invested an aggregate of $1.5 billion in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term".
Bitcoin surged after Tesla made the disclosure to hit a record high.