Tesla invests in bitcoin worth $1.5 billion to accept cryptocurrency as payment

Author: Priyam Mukherjee

Tesla is all set to invest in digital assets, buys bitcoin worth $1.5 billion. This move comes days after co-founder Elon Musk displayed a symbol of a Bitcoin on social media. Musk has been tweeting memes of another cryptocurrency Dogecoin.

According to a Bloomberg report, the price of the bitcoin jumped as much as 16% with prices nearing nearly $45,000 for the first time.

“We updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity,” the document filed by Tesla showed.

It further stated that Tesla will accept Bitcoin cryptocurrency payment for its products and services in near future.

The rates of Bitcoin rose 35 per cent since the beginning of 2021 and recently crossed $40,000. The cryptocurrency has risen 800 per cent since the start of last year April as most corporate and retail investors inclined towards cryptocurrency to regulate inflation.