Tesla buys 1.5 billion dollars in bitcoins

Tesla eyes Bitcoin world
Image sourced from Pexels

The electric vehicle giant Tesla announced that it has bought 1.5 billion dollars in bitcoins.

Tesla said that it bought the bitcoin for ‘more flexibility to further diversify and maximize returns on their cash.

Tesla said that it bought the bitcoin for ‘more flexibility to further diversify and maximize returns on their cash.

The clean energy giant also said that it will start accepting payments in bitcoin in exchange for its products .But that would be subject to applicable laws and initially on a limited basis.

This makes Tesla the first major automaker to do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency world.

According to the most recent filing, Tesla had more than $19 billion in cash and cash equivalents on hand at the end of 2020.

Moreover, Musk has been tweeting about cryptocurrencies on a positive note. Previously, Elon Musk has got into trouble for his market-moving tweets.

Daimler AG has also launched its battery-powered EQA SUV Mercedes-Benz to compete with Tesla and Volkswagen with its fully electric SUV. Competition for Tesla does not end at energy-efficiency, it aims higher towards the Bitcoin world.

The first fully-electric SUV of the company will soon appear in the markets. The EQA will cost around Euro 47,541. It will offer a range of around 486 km.

While Elon Musk’s net worth crossed $185 bn. His name hit the top slot after the price of Tesla shares was increased on January 7, 2021. He claimed the top spot to replace Amazon owner Jeff Bezos, who had occupied the place since 2017. Now Bitcoin is the next vertical for Tesla when it comes to investment.

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