Tesla Reveals $1.5 Billion Investment in Bitcoin
Tesla reveals a $1.5 billion investment in Bitcoin (BTC) made in January and allowed payments with the cryptocurrency.
In one of the most significant developments of the year for the flagship cryptocurrency, Tesla has revealed a $1.5 billion investment in BTC.
Tesla announces new $1.5B investment in bitcoin. 💰 https://t.co/urzkoDChg0
— Complex (@Complex) February 8, 2021
A statement from the SEC revealed that the company made the investment in Bitcoin in January as part of its “alternative reserve asset” investment strategy.
The electric vehicle maker invested in gold and BTC using “cash not needed to maintain adequate operating liquidity.”
Just last month, Tesla and SpaceX CEO Elon Musk posed a question on Twitter, asking if the flagship cryptocurrency could transact in particularly large volumes.
After a positive response, the company now joins Microstrategy, Bitcoin mining company Marathon Patent Group, and 16 other publicly listed businesses with BTC on their balance sheets.
Recently, Musk has frequently engaged with the crypto community on Twitter. While the world’s richest man is making waves with jokes about Dogecoin, his company’s money is in the crypto king.