The crypto markets are a sea of green to start the week as electric car giant Tesla announces it has bought $1.5 billion worth of Bitcoin.
In a new filing with the U.S. Securities and Exchange Commission, Tesla revealed it also plans to accept BTC as a form of payment for its fleet of vehicles.
“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. 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.”
Musk recently declared that after years of consideration, he is now a supporter of the world’s top cryptocurrency.
He has also boosted the meme cryptocurrency Dogecoin (DOGE) during its volatile move from $0.01 to a high of about $0.08.
Musk has said little about the second-largest cryptocurrency Ethereum, aside from confirming in July of last year that his company is not building on the smart-contracts blockchain.
Bitcoin is at $44,083 at time of publishing, up 14.45% in the last 24 hours according to CoinMarketCap. Ethereum is up 11.12% at $1,746.
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