Tesla invests $1.5 billion in bitcoin, sending the price to an all-time high
Elon Musk has been very vocal in backing up bitcoin and other cryptocurrencies, and now it seems Tesla is following the same path. The company today announced that they have invested a massive sum of $1.5 billion in bitcoin.
The electric car manufacturer filed its annual 10-K report with the SEC this morning also signifying that in future Tesla will also accept bitcoin for as a form of payment for its products.
Musk also added #bitcoin to his profile a few days ago sending the price of bitcoin surging, and also he has been backing Dogecoin a lot and his recent tweets on the cryptocurrency has been sending dogecoin to new highs.
Tesla stated in their report:
In January 2021, 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. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets.
Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.
With this news the price of bitcoin has reached a new all time high, and also the currency has ben gradually increasing throughout 2021.
So if you are looking to start your trading career, bitcoin could be a easy place to start as it is extremely easy to invest in bitcoin and you can start with any amount.
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