Tesla buys $1.5 billion in bitcoin, to accept cryptocurrency as payment for Tesla cars

Tesla anunced in an SEC filing Monday that it bought $1.5 billion in Bitcoin, adding that it will start accepting bitcoin as payment for purchase of Tesla motors. This comes after CEO Elon Musk soared prices of cryptocurrencies, including bitcoin, via his tweets on social media. In a Securities and Exchange Commission filing with DC office, electric cars manufacturer said that it was buying cryptocurrency for “more flexibility to furr diversify and maximize returns on our cash.” It added, company will accept bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” firm stated that cryptocurrency trade will give Tesla liquidity. Post massive investment in Bitcoin after consultation with Tesla’s Board of Directors, bitcoin surged to a record price of $43,000, according to CoinDesk. A year ago, Bitcoin was worth close to $9,900.

[Im Credit: CoinDesk]

Dogecoin price soar to $0.06

Tesla, meanwhile, said that it "may acquire and hold digital assets from time to time or long-term." Earlier, in his tweets, Tesla chief Elon Musk added term Bitcoin to his Twitter bio (and n deleted it shortly reafter), which led to a jump in cryptocurrency price by as much as 20 percent. Adding to this, Musk said on Clubhouse, an audio-based social app, that "Bitcoin is a good thing" and that he was "late to party”. “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin,” Musk said on chat site Clubhouse. Following his anuncement about ‘break’ from Twitter, Musk launched tweets regarding ‘Dogecoin’ as he resumed operating microblogging site just two days after his dismissal. “ highs, lows, only Doge,” Musk tweeted, following which Dogecoin rose to almost $0.06, and altoger coins are w worth more than $7 billion. Musk’s tweets back Tesla’s recent investment of a significant percent on digital currency. 

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As Tesla’s shares soared more than 2 percent Monday, firm warned investors about bitcoin’s volatility. Meanwhile, as Tesla invested in digital currency, investment attracted some backlash as critics took to social media to criticize environmental hazards of Bitcoin mining and excessive energy consumption. “Bitcoin is such an environmental disaster, it really is a crime against humanity.  So what does Tesla do with ir $1.5B in revenue last year from clean car credits sold to or automakers?  Put it into ‘Destroy Planet Inc,’” computer scientist at University of California, Berkeley, Nicholas Weaver said. Musk, in due course, launched a poll calling Dogecoin ‘future currency of moon.’ 

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