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

by Jeremy

NEW YORK — Tesla has acquired around $1.5 billion in Bitcoin under an investment policy at the electric car maker headed by Elon Musk. It plans to begin accepting digital currency as payment for vehicles soon.

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

Bitcoin spiked 14% and appeared to hit a new all-time high briefly. Shares of Tesla moved higher as well.

Last month, Tesla said it had cash and cash equivalents of $19.4 billion in its fourth-quarter earnings report.

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