Elon Musk’s Tesla bought $1.5b in Bitcoin and will accept it for payments

This is an event that could’ve been seen coming, no doubt. After its founder and CEO, Elon Musk, were messing around on Twitter about cryptos, it was revealed that the electric car company Tesla Inc. finally bought $1.5b in Bitcoin during January 2021. Additionally, it has plans to accept bitcoin as a payment method.

The investment was revealed through the company’s annual report filed with the U.S. Securities and Exchange Commission (SEC) and published today. According to the document, Tesla is looking to invest its billionaire cash flow to get the many returns as possible. That’d be possible with Bitcoin and other alternative assets.

“As part of the [new] policy (…), 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. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future”.

Apparently, this is just the beginning for them. It’s not still clear, but Tesla is looking to invest in other cryptocurrencies as well later. Besides, the report stated that the company “may or may not liquidate upon receipt” the bitcoins received by its clients in the future. That means the company might become a huge hodler of Bitcoin and even of other cryptos if they’d accept them.

As a direct result of this, the price of Bitcoin skyrocketed again by almost 17% in the last 24h. Now, it has a new All-Time-High (ATH) of $44,112 per coin [CoinMarketCap].

Tesla and Bitcoin: the clues and the doges

The billionaire investment took place in January, but we wouldn’t know till today. However, we can say that Elon Musk tried to give us some clues, so to say. Since the last month, the businessman has been very talkative on Twitter; focusing especially on Dogecoin (DOGE).

Yet, he had only the word “#Bitcoin” as his bio for around a week, which could’ve been a nice foreshadowing of the purchase by Tesla. On the other hand, as we’ve been commenting before, Musk has a soft spot for the memecoin. Even now, his Twitter is still full of references to Dogecoin.

Does that mean that Tesla or himself could buy some of this currency in the future? After all, the annual report says that they’ll be investing in different cryptocurrencies. We still don’t know it, but the truth is Bitcoin wasn’t the only one with a new ATH in its price.

Dogecoin also made it to $0,084 per coin this February 8, after a 31% increase in 24h [CoinMarketCap]. It has now descended a bit, but it seems like the Tesla purchase is also good news for the memecoin.

Featured Image by Blomst / Pixabay

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Originally published at https://blog.alfa.cash on February 8, 2021.



Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.

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Alfacash is an 9-year-old trusted cryptocurrency exchange. We offer crypto-fíat and non-custodial transactions, and valuable knowledge in our blog.