Elon Musk’s Tesla Motors is following in the footsteps of MicroStrategy and others by investing a portion of its balance sheet in bitcoins (BTC).
The company announced Monday to the Securities and Exchange Commission the purchase of $1.5 billion in bitcoins, which will be held as an investment and store of value for excess cash. It is currently unknown what the average purchase price is and how many BTC the company has purchased.
As part of this policy, Tesla plans to offer its customers the ability to buy its products in bitcoin, the state in which the request is made. Unlike many other such initiatives, the bitcoins it receives will not necessarily be liquidated in a short period of time, which would allow it to replenish its reserves.
In addition to bitcoin, Tesla’s new investment policy also allows for the purchase of gold bars and gold exchange traded funds (ETFs).
Looks like it: Bitcoin has hit a record high of $43,000 and Tesla is investing $1.5 billion in bitcoin.
This purchase follows Elon Musk’s entry into the crypto-currency world. Starting with just 0.25 BTC sent by a friend, Musk moved closer and closer to cryptocurrencies and bitcoin as bitcoin 2021 evolved.
Having previously named himself CEO of Dogecoin, he devoted several tweets to reminders inspired by the coin. The move was criticized by prominent bitcoin enthusiasts as irresponsible. Yet Musk’s discovery seems to have far more tangible implications for bitcoin than the change in Twitter bio.
frequently asked questions
Does Tesla accept bitcoins?
Tesla will hold the digital currency instead of converting payments to dollars, and will manage the crypto operations internally, Musk said. … Bitcoins paid to Tesla will be kept as bitcoins and not converted to fiat currency, Musk said in a tweet.
How do I start accepting bitcoin payments?
Blog How to accept a payment in bitcoins….
At what price did Tesla buy bitcoins?
The move comes two months after Tesla bought $1.5 billion worth of bitcoins, with CEO Elon Musk continuing to back the crypto currency.
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