The price of Bitcoin as measured in USD has gone up dramatically today as it was announced in Tesla’s (TSLA) SEC 10-K filing that the company purchased $1.5 billion worth of Bitcoin. Even better? The company announced that it expects to begin accepting payment for its electric vehicles in Bitcoin in the future. Per the announcement in the filing:
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, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy.
Elon Musk has become somewhat famous for moving markets with his Tweets about crypto, in particular Bitcoin and Dogecoin. He recently indicated that, despite being late to the crypto party, he thinks Bitcoin is on the cusp of widespread acceptance. If the company he founded has anything to say about it, that’s certainly the case.
