By Economic & Finance Report
Tesla boss Elon Musk put his money where his mouth is, literally. Tesla in SEC regulatory filing; indicated that the company invested $1.5 billion in bitcoin on January 2021 (last month). The company also indicated they will be accepting bitcoin as a payment option, for their products and services in the future.
The announcement puts Tesla as one of three major tech companies collecting bitcoin as a form of currency in the upcoming future. The other two technology companies that accept bitcoin are Paypal and MicroStrategy.
The $1.5 billion dollar bitcoin amount purchased by Tesla is approx. ten percent of the company’s financial reserves; which indicates that Musk and Tesla are in the long haul when in comes to cryptocurrency. It also indicates that Musk values crypto as an alternative to the standard USD dollar. Bitcoin (BTC) leaped upward 14% on Tues Feb. 8, 2021; from the news that Tesla invested $1.5 billion in bitcoin. -SB
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