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Tesla buys $1.5 billion in Bitcoin, plans to accept it as payment

2021-02-08 17:55 by


Tesla announced Monday it has bought $1.5 billion worth of Bitcoin. Moreover, the company noted that it may also accept Bitcoin in the future as a form of payment for its cars, though it did allow that there is some regulatory uncertainty around that effort.

News on Tesla's investment pushed Bitcoin's value up nearly 13% as of this writing Monday. While the automaker didn't lay out explicit timeline for when you'll be able to snap up a Tesla with the cryptocurrency, the policy will extend to other products from the company as well.

The development comes days after Tesla co-founder Elon Musk displayed a symbol of Bitcoin on social media. He has been recently tweeting memes of another alternative cryptocurrency Dogecoin.

With the move, Tesla is following in the footsteps of MicroStrategy, a software company which recently invested billions of dollars in Bitcoin, which may have caught the attention of Musk.

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