Tesla invests $ 1.5 billion in Bitcoin

by nativetechdoctor
1 minutes read

On August 8, Tesla filed a filing with the SEC announcing its decision to spend $ 1.5 billion in Bitcoin purchases with the aim of “flexibility, diversification, and maximization of profits from Our cash source “.

The company also said it will invest more in other digital assets and accept Bitcoin customers buying products from the company. This move makes Tesla the first major automaker to adopt cryptocurrencies for trading.

According to CNBC, Bitcoin price is hitting an all-time high after Tesla made its latest decision. Data on Coin Metrics shows that Bitcoin has hit a record over $ 44,000 per Bitcoin.

“Tesla’s stake in Bitcoin will have a spillover effect on corporations globally,” said Dan Ives, an analyst at investment firm Wedbush. play against using Bitcoin from a transaction perspective.

Recently, billionaire Elon Musk has repeatedly shown his support for Bitcoin on many social networks such as Twitter, Clubhouse. He admitted he was slow because he didn’t invest in the coin eight years ago. Perhaps this is the moment when Tesla boss decided to correct his past mistakes.

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