Bitcoin hits new all time high after Tesla reveals it has stockpiled $1.5B of it

Bitcoin hit a new all time high on Monday morning after electric car maker Tesla revealed that it has stockpiled more than $1.5 billion US worth of the cryptocurrency, and will soon start accepting it as a form of payment for its products.

Tesla revealed in a regulatory filing on monday that it converted $1.5 billion US into bitcoin in January, as part of its investment strategy for funds not currently needed to maintain operations,” 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,”the automaker said.

That lit a fire under bitcoin’s price, which jumped about nine per cent to more than $43,000 US.

The price of the cryptocurrency has risen by 50 per cent this year, on the heels of a 300 per cent spike in 2020.

More to come

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