According to the latest news, Tesla said that it has invested a sum of US $ 1.5 billion in bitcoin cryptocurrency. Tesla has filed its annual 10-K report with the SEC this morning, where, it revealed about the new bitcoin investment. Tesla confirmed that it will accept bitcoin as a means of payment in near future.
Tesla said it will “begin accepting bitcoin as a form of payment for our products in the near future.”
For quite a while, Tesla customers have been calling on founder and CEO Elon Musk to accept bitcoin for vehicle purchases and Musk has been vocal about backing the cryptocurrency, especially, on Twitter. He even added #bitcoin in his profile recently. It is worth mention that Elon Musk has also been backing Dogecoin on Twitter over the past week.
In the report, Tesla wrote “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 the aggregate US $ 1.50 billion in bitcoin under this policy. 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.”