Elon Musk's Tesla buys $1.5 Billon Bitcoin

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Bitcoin

Tesla today announced that the company has bought $1.5 Billon worth of bitcoins, reports New York Times. 

The company in SEC filing also said that it will also start bitcoin as a payment method for its products. 
Post announcement, the Bitcoin price skyrocketed to $44,842

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The announcement said, "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."

Tesla's $1.5 Billion worth of Bitcoin

The company noted that it had updated its investment policy in January 2021 to bring flexibility to diversify and maximize returns on our cash for maintaining adequate operating liquidity. 
Bitcoin price
Image: Binance console

As part of the policy, the company has invested in digital assets with the mention of Bitcoin in their announcement.

The $1.5 Billion investment in Bitcoin provides much-needed liquidity once the company starts accepting the payments in Bitcoin.

Title PC: Pixabay

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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