Tesla invests $1.5 billion in bitcoin as it prepares to accept it as payment for cars soon

Tesla

Tesla Inc has revealed that it had invested around $1.5 billion in bitcoin. Tesla also announced its intention to begin accepting payment for its cars and other products with it in the near future.

The announcement prompted a 7% jump in the cryptocurrency.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash.

It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”.

Bitcoin surged after Tesla made the disclosure to hit a record high

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