Tesla buys $1.5bn in bitcoin, bitcoin price surges to new high
Tesla announced Monday it has bought $1.5 billion worth of bitcoin.
Tesla might soon accept payment in Bitcoin
News of Tesla’s investment in bitcoin sent the digital currency soaring 14% to a record high of $43,500, a 300% increase on this time last year as cryptocurrency investment has moved into the mainstream as global interest rates remain at record lows.
The $1.5bn held in bitcoin represents about 8% of all the $19.4bn that Tesla holds in cash and liquid assets, according to the SEC filing.
Earlier this month the price of bitcoin soared after Musk said that he was a supporter of the cryptocurrency in an interview carried on Clubhouse, a new social media app designed for wealthy people. “I do think at this point bitcoin is a good thing,” he said. “And, so, I am a supporter of bitcoin. Like I said, I was late to the party, but I am a supporter of bitcoin. And I think, bitcoin is really on the verge of getting broad acceptance by conventional finance people.”