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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