Tesla bought $ 1.5 billion worth of bitcoins and plans to accept cryptocurrency as payment

Elon Musk did not put the mention of Bitcoin in the description of his Twitter profile for nothing and even launched a flash mob in this way. Thanks to a document for the US Securities and Exchange Commission, it became known that the billionaire’s company Tesla invested $ 1.5 billion in BTC.

Moreover, in the future, the cryptocurrency will allow you to purchase the company’s cars.

A document filed with the SEC told about the Tesla investment. Here is a quote that revealed the details of the company’s investment.

In January 2021, we updated our investment policy to provide greater flexibility to further diversify and maximize returns for our cash, which is not needed to maintain adequate operational liquidity. Within the framework of the policy, which was duly approved by the Audit Committee of the Board of Directors ,we may invest part of such funds in certain alternative reserve assets, including digital assets, gold bars, funds and other assets.

After that, we invested a total of $ 1.5 billion in Bitcoin in accordance with this policy and can purchase and store digital assets for a certain period of time or for a long-term perspective. Moreover, we plan to start accepting bitcoins in the form of payment for our products in the near future. This will be carried out in accordance with the legislative framework and at first on a limited basis, which we can either eliminate or leave.

That is, the plans of the Tesla management are to accept BTC for their cars. Although it is obvious that this practice will not work for all countries.

The market reacted to the statements with a sharp increase. In particular, Bitcoin jumped above 43 thousand dollars and set another historical maximum.

Ethereum has returned above the $ 1,700 line.

Due to the influx of users, the Binance exchange went offline.

Industry representatives approved the news. Here is a quote from the co-founder of the EthHub resource, Anthony Sassano, from his tweet.

By the way, the purchase of bitcoins by Tesla is also good for Ethereum and the entire cryptocurrency market as a whole. To be honest, this may be the most positive news for the industry since the beginning of its existence.

We believe that this move by Tesla and Elon Musk in particular can really become a turning point for the cryptocurrency industry. Firstly, now even more companies will want to join the trend and invest in Bitcoin, Ethereum and other coins.

Secondly, thanks to the company’s initiative, the scope for using cryptocurrencies will significantly expand. Now, with their help, you will be able to buy cars – and the list will clearly grow.

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