Bitcoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency
Tesla has invested $1.5 billion in Bitcoin, a decision that came just days after the electric carmaker’s CEO Elon Musk changed his Twitter bio to simply read “#bitcoin.”
The announcement, in a US Securities and Exchange Commission document, is a sign of confidence in the cryptocurrency that regulators are concerned could be used for illegal transactions.
Tesla said on Monday it had invested around $1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, prompting a seven per cent jump in the electronic currency.
Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash.
It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”.
