FFCON21 Breaking Barriers May 11-13, 2021

Tesla buys $1.5 billion of Bitcoin, Expects to Start Accepting BTC as Payment for Its Products Soon

Techcrunch | Alex Wilhelm | Feb 8, 2021

Tesla invests 1.5B in BTC - Tesla buys $1.5 billion of Bitcoin, Expects to Start Accepting BTC as Payment for Its Products Soon

Today in an SEC filing, Tesla disclosed that it has acquired $1.5 billion in bitcoin, the popular cryptocurrency.

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.

As the news broke, the price of bitcoin instantly rose by around 7% to more than $40,000 per coin.

Tesla had previously telegraphed that it had an interest in the cryptocurrency, however to purchase such a large block of the coin is notable.

See:  Elon Musk Adds #bitcoin to Twitter Bio Fueling Speculators

In its filing, Tesla writes that earlier this year it “updated [its] investment policy to provide [it] with more flexibility to further diversify and maximize returns on [its] cash that is not required to maintain adequate operating liquidity,” adding that it has the option of putting cash into “certain alternative reserve assets” that include “digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.”

Under that banner, the firm has “invested an aggregate $1.50 billion in bitcoin,” going on to say that the well-known electric car company “may acquire and hold digital assets from time to time or long-term.”

That’s enough wiggle room for Tesla to do whatever it wants with its cash and the crypto markets.

But the company wasn’t done, completing its news-drop by adding that the company “expect[s] to begin accepting bitcoin as a form of payment for [its] products in the near future, subject to applicable laws and initially on a limited basis, which [it] may or may not liquidate upon receipt.”

Tesla CEO Elon Musk has made waves in recent days by pumping a silly cryptocurrency joke called Dogecoin; this is something more material. Tesla is selecting bitcoin as the cryptocurrency of its choice, helping to further cement the blockchain as the world’s best known.

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