Car maker Tesla bought $ 1.5 billion worth of Bitcoin, according to SEC files. The company claims it can diversify its reserves by investing some of its cash in digital assets, gold and gold ETFs.
Elon Musk’s Tesla was a huge event for the entire Bitcoin community, appealing to the SEC, revealing that the company purchased $ 1.5 billion worth of Bitcoin this January. This, according to an SEC filing on the matter, Tesla says:
“We also expect to start accepting Bitcoin for our products in the near future as a form of payment that we may or may not be able to liquidate upon receipt, subject to applicable laws and on an initially limited basis.”
The movement follows the encouraging signs of Elon Musk, the richest man in the world, who openly stated that he was the “supporter” of Bitcoin last week. If you remember, Musk recently added the word Bitcoin to his Twitter bio. The Musk effect seems to continue unabated. BTC has been climbing new heights since the weekend. Bitcoin price reached an all-time high as it revealed that Tesla had purchased $ 1.5 billion of BTC in January. Cryptocurrency increased its earnings and set a new high of $ 43,730.
This development also makes Tesla the largest Bitcoin buyer after MicroStrategy, who bought more than $ 1.5 billion in total Bitcoin purchases. MicroStrategy CEO Michael Saylor, who has recently become a major Bitcoin advocate, announced that approximately $ 250 billion of corporate money will flow into Bitcoin by the end of the year, according to an estimate.
Tesla became the most valuable automobile manufacturer, surpassing Ford, Toyota, BMW and other brands. Tesla’s stock price has nearly tripled over the past year, helping Elon Musk become the richest person in the world.