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Tesla Bought $1.5 Billion In Bitcoin And Is Thinking About Letting People Pay For Their Vehicles With It

Tesla is betting big on Bitcoin, with the latest SEC filing noting that in the digital currency, the firm has purchased $1.5 billion.

In the filing, Tesla states that “providing [Tesla] with more flexibility to further diversify and maximize (its) cash returns that are not required to maintain adequate operating liquidity” is the reason for the purchase.

At the end of 2020, according to CNBC, the company had more than $19 billion in cash on hand.

The SEC filing also states that the company is willing to accept Bitcoin for its electric vehicle lineup as a form of payment.

If you look at CEO Elon Musk’s latest tweets, this new announcement does make a lot of sense. He spoke about Dogecoin and added #Bitcoin to his bio on Twitter. Actually, the last thing pushed up Bitcoin prices almost immediately, until they stabilized again finally.

It’s going to be fascinating to see if anything from Musk’s Bitcoin initiative happens. This will not be the first time he was investigated for potentially exploiting Tesla-related material.

The SEC sued him in 2018 for “false and misleading statements” relating to stock prices. Which ended with a fine for Tesla of $20 million and another fine for Musk of $20 million.

What are you thinking? Surprised that Tesla is driving Bitcoin hard?

Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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