Bitcoin Reach New High of USD 48K as Tesla Announces Purchase of USD 1.5 Billion

Tesla is a tech company led by well-known crypto enthusiast Elon Musk. Today it made headlines as the company bought $1.5 billion worth of Bitcoin and plans to add support for BTC as a form of payment in the near future.

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy,” revealed Tesla’s Form 10-K.

The company explained that its investment policy was updated in January 2021 to provide “more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.”

As part of this revised policy, Tesla said that it “may invest a portion of such cash in certain specified alternative reserve assets.”

Additionally, the company expects to begin accepting Bitcoin as payment for its products in the future.

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