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Electric carmaker Tesla invests $1.5 billion in bitcoin: official

Musk's Russia announcement came on the same day it was claimed his cars have been banned from some Chinese government compounds over security fears. Photo: Reuters

American EV firm Tesla has revealed that it has invested around $1.5 billion in bitcoin – and it expects to begin accepting payment for its cars and other products with it in the near future, prompting a 7% jump in the electronic currency.

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

It said it had invested an aggregate of $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.

  • Reuters

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