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

Source link