Monday, April 15, 2024

Tesla Invests $ 1.5 Billion In BTC

Tesla invests $ 1.5 billion in BTC and bitcoin price jumps above 43K Elon Musk’s firm also plans to receive BTC as a form of payment.

Bitcoin started the week with a big jump that places its price above $ 43,100 , a new all-time high. The rise of more than 11% compared to Sunday occurred on Monday morning, after the multi-million dollar investment of Tesla in the ecosystem was announced.

Elon Musk’s firm bought $ 1.5 billion in BTC and boosted the price of the cryptocurrency which, at the close of this note, is trading at $ 44,088, its all-time-high. The increase of more than USD 3,000 in the price of bitcoin is definitely due to the announcement of Tesla and the confidence in the ecosystem that this move means.

The technology company that makes electric cars presented its new investment policy to the US Securities and Exchange Commission, in which it claims it has placed a total of $ 1.5 billion in bitcoin.

“In January 2021, we updated our investment policy to give us more flexibility to further diversify and maximize returns on our cash that are not required to maintain adequate operating liquidity , ” the firm said.

The policy included investments in “alternative reserve assets, including digital assets, gold bars, gold exchange-traded funds, and other assets.”

However, the other big news that boosted the price of bitcoin is that Tesla also hopes to start accepting bitcoins as a form of payment for its products “in the near future.” Initially, this would be limited, according to the company itself.

Both measures follow encouraging signals from the firm’s CEO, Elon Musk , the world’s richest man, who last week openly stated that he was a “supporter” of Bitcoin. Since then, however, the signals have been mixed, after Musk removed the #Bitcoin hashtag from his Twitter bio, but continued to tweet and promote Dogecoin (DOGE).

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