Tesla Inc announced on Monday (8/2/2021) that it had bought bitcoin worth US $ 1.5 billion. In a filing with the US Securities and Exchange Commission, Tesla laid out the reasons behind the move.
“Companies buy bitcoin to encourage diversification of payments and maximize returns in cash,” wrote Tesla Inc, citing CNBC.
Tesla has also stated that it will start accepting bitcoin payments for their products. This will make Tesla the first car manufacturer in the context of using cryptocurrency as a means of payment.
his step immediately raises questions. Because, recently, Tesla Inc CEO Elon Musk has often uploaded messages on Twitter that increased the assets of cryptocurrencies such as bitcoin and dogecoin. This has undoubtedly led many people to buy digital currency.
Musk Boosts Bitcoin Price by 20%
Two weeks ago, Musk added the hashtag #bitcoin to his Twitter bio. The move pushed bitcoin’s rise to 20%.
“At the moment I think bitcoin is a good thing and I am a bitcoin supporter,” Elon Musk said on the social media chat site Clubhouse.
After the announcement of this vehiclecompany, crypto currency prices shot up to the level of US $ 44,200 or up 2.5% in premarket trading. Tesla warned investors about bitcoin price volatility in filings with the US Securities and Exchange Commisson.
Tesla Inc’s move also has an impact on the percentage of cash in the company’s investment. The company has more than US $ 19 billion in cash as of 2020.
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