Tesla announced in an SEC filing today that the company has bought $1.5 billion worth of Bitcoin. They plan to start accepting Bitcoin as a form of payment for their products.
“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.”
Tesla is accelerating the world’s transition to sustainable energy with electric cars, solar and integrated renewable energy solutions for homes and businesses. And now venturing into the crypto space. This development does not come as a surprise for many. Elon Musk has openly supported Bitcoin and has displayed a symbol of Bitcoin on his Twitter’s bio.
Elon Musk’s move to accept Bitcoin has sparked many praises from the cryptocurrency space.
Congratulations & thank you to @elonmusk & @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.https://t.co/FVTepBqAI2
— Michael Saylor⚡️ (@saylor) February 8, 2021
Tesla has bought $1.5 Billion of #Bitcoin. A massive move, @elonmusk. pic.twitter.com/Ddfte1UUZk
— OKX Intern (@okx_intern) February 8, 2021
#Tesla has bought $1.5b of #Bitcoin. Lead by example @elonmusk pic.twitter.com/QSPx2LKIQU
— Anndy Lian (@anndylian) February 8, 2021
As the news was announced, Bitcoin surges above $44,000, reaching a new all-time high. Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto, Bitcoin is the largest cryptocurrency measured by market capitalization at $806.04B and amount of data stored on its blockchain.