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Elon Musk’s car company Tesla has purchased $1.5 billion worth of the cryptocurrency bitcoin and announced that it will accept the currency as a form of payment in the future. This investment has led to a huge rally in bitcoin’s value, racing past $43,000 at the time of writing to set a new record.
Tesla made the announcement in a filing with the Securities and Exchange Commission (SEC) on Monday, February 8. Tesla said it earned board approval in January 2021 to “further diversify” its investment strategies to include new forms of currency, including bitcoin.
“As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future,” Tesla said in the filing. “Thereafter, 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.”