Elon Musk's Tesla Buys $1.5bn Worth Of Bitcoin - EazyFeeds

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Tuesday, 9 February 2021

Elon Musk's Tesla Buys $1.5bn Worth Of Bitcoin

 



Elon Musk's car production firm, Tesla has bought about $1.5bn (£1.1bn) of cryptocurrency Bitcoin, causing the price of Bitcoin to jump 17% to $44,220, a record high.


 


Tesla also announced that the company will start accepting bitcoin as payment for it's products in the nearby future as the company was trying to maximise returns on cash that is not being used in day-to-day running of the company.



The move by billionaire Musk, comes days after Musk added "#bitcoin" to his Twitter profile page, another move that drove up the price.



Musk regularly talks up Bitcoin and other cryptocurrencies, including Dogecoin, currencies he has endorsed.



In a stock market filing on Monday, February 8, Tesla said it "updated its investment policy" in January and now wanted to invest in "reserve assets" such as digital currencies, gold bullion or gold exchange-traded funds.



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