Tesla stashes $1.5bn in bitcoin to accept as payment for cars soon

09 February 2021 - 16:25 By Reuters
Bitcoin surged after Tesla made the disclosure to hit a record high.
Bitcoin surged after Tesla made the disclosure to hit a record high.
Image: Dan Kitwood/Getty Images

Tesla Inc said on Monday it had invested around $1.5bn (roughly R22.18bn) in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, prompting a 7% jump in the electronic currency.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximising its returns on cash.

It said it had invested an aggregate $1.5bn in bitcoin under the changed policy and could "acquire and hold digital assets from time to time or long-term".

Bitcoin surged after Tesla made the disclosure to hit a record high.


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