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

by Jeremy


Tesla says it has invested more than $1 billion in Bitcoin and will accept the digital currency as payment for its electric vehicles

The California company revealed the new strategy in a filing with the U.S. Securities and Exchange Commission early Monday, saying its investment in digital currency and other “alternative reserve assets” may grow.

Bitcoin spiked 14% 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 $19.4 billion.



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