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Tesla buys up lots of Bitcoin

by on09 February 2021

Could start taking it for payment

According to an SEC filing, Tesla invested $1.5-billion in bitcoin and Elon Musk could start accepting the cryptocurrency as payment.

The company reported its first annual net profit in 2020, and is now the world’s most valuable automaker, thanks to its S&P 500 inclusion.

Tesla isn’t the first large company to invest in bitcoin, as software company MicroStrategy acquired 21,454 bitcoins, worth $250 million at the time, putting the coin in place as a reserve asset for the entity. Since then, it has acquired at least 49,000 more coins, which are now worth a total of over $3 billion.

According to the Telsa filing, the company has updated its investment policy to provide it with more flexibility to further diversify and maximise returns on our cash that is not required to maintain adequate operating liquidity.

“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”, said Tesla.

Last modified on 09 February 2021
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