MEGATHREAD: Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

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Tesla announced in an SEC filing Monday that it bought $1.5 billion worth of bitcoin.

The company also said it would start accepting bitcoin as a payment method for its products.

CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

Link to SEC Filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/1318605/000156459021004599/tsla-10k_20201231.htm

In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, 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. We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavorable at the time when we want or need to liquidate them.

Other sources:

https://www.bloomberg.com/news/articles/2021-02-08/tesla-invests-1-5-billion-in-bitcoin-plans-to-accept-cryptocurrency

https://techcrunch.com/2021/02/08/tesla-buys-1-5b-in-bitcoin-may-accept-the-cryptocurrency-as-payment-in-the-future/

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