That’s right, Tesla purchased $1.5B worth of Bitcoins!
This actually just came in via the United States Securities and Exchange Commission (SEC), read: tsla-10k_20201231.htm
I quote:
‘’We hold and may acquire digital assets that may be subject to volatile market prices, impairment and unique risks of loss.
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, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. 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.’’
As a result, social media and the cryptocurrency markets exploded. Bitcoin immediately surged towards a new All-time High and is now trading above $42,500.
Elon Musk is known to be a cryptocurrency enthusiast and earlier this month changed his Twitter bio to #Bitcoin, as well as promoted the altcoin Dogecoin a lot on his social channels, resulting in a 650% price increase over the course of the past 30 days.