Wednesday, May 5, 2021

Elon Musk’s Tesla Acquires $1,500,000,000 Worth of Bitcoin (BTC)

According to an SEC filing, Tesla, an electric car manufacturing company, has purchased $1.5 billion worth of Bitcoin (BTC).

The company stated that there is a possibility to diversify its reserves by investing a portion of its capital into digital assets, gold, and ETFs:

Read Also: Crypto Analyst Luke Martin Names Altcoins That Would Outperform Bitcoin (BTC) In 2021

“In January 2021, 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.

“As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term.”

Tesla Adds Bitcoin (BTC) As Payment Option

Aside from investing in Bitcoin (BTC), Tesla will also start accepting cryptocurrencies for payments:

“Moreover, 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.”

Read Also: Elon Musk Just Dropped another Bitcoin (BTC) Bomb

Bitcoin (BTC) Hits New All-Time High

In the wake of the news about Tesla’s Bitcoin acquisition, BTC has embarked on a fresh meteoric upside trend, hitting a new all-time high in the process.

At the time of writing, BTC is trading at $42,740.87, with about a 9% price upsurge in the last 24 hours.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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