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Tesla Buys $1.5B Worth of Bitcoin, Will Start Accepting BTC Payment

Tesla Buys $1.5B Worth of Bitcoin, Will Start Accepting BTC Payment Bitcoin News
  • Tesla has purchased $1.5 billion worth of Bitcoin.
  • Aside from its $1.5B worth of Bitcoin purchase, Tesla may start accepting BTC as payment for its products soon.
  • The news was disclosed after Tesla filed an official document with the US SEC.

Luxury car brand Tesla has purchased $1.5 billion worth of Bitcoin. Aside from this, the company may also start accepting BTC as payment for its products.

According to an official report filed to the US Securities and Exchange Commission (SEC), Tesla has updated its policy regarding crypto, gold bullion, and more.

Tesla disclosed in the report,

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.

What is more, Tesla wrote that they might purchase more Bitcoin in the future. Of course, Tesla assured that all Bitcoin purchases will be subject to applicable laws and regulations.

This recent development ensued with the approval of the Audit Committee of Tesla’s Board of Directors.

Traders were quick to pick up the news, as Bitcoin price has immediately surged to $42.656.78 at the time of writing, according to CoinGecko.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.