Tesla Inc. owned by led by billionaire Elon Musk has invested $1.5 billion in Bitcoin and expects to start accepting the cryptocurrency as payment.
Tesla announced that it bought $1.5 billion worth of bitcoin in January, according to a filing with the Securities and Exchange Commission, adding it would soon start accepting payments in bitcoin.
Tesla, which last year became the world’s largest car company by value, said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash,” according to the filing.
“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.
“As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy.
“Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt,” the filing reads.
News of the Tesla investment has sent the price of bitcoin up to more than $43,000 this morning, breaking its all-time high.
The price of the cryptocurrency has been gradually increasing throughout 2021, as demand from both institutional and retail buyers has increased. It still remains a volatile cryptocurrency, though, with the price dipping below $30,000 in January alone.
This is coming a few weeks after Elon Musk displaced Amazon’s chief executive, Jeff Bezos, as the world’s richest person with a net worth of $195 billion.
In Oyedepo’s Church, graduate pastors receive N38,000 as salary — Another pastor laments
Obi Cubana: DSS cautions against public display of wealth
Why sacking Living Faith pastors was in order – Comedian Baba D Baba
Police nab fake currency syndicate in Nasarawa
Don’t get married out of gratitude, Pretty Mike urges
PHOTOS: Team Nigeria steals show at Tokyo Olympics’ opening ceremony
COVID-19: One in 75 persons infected in UK
Protests in Tokyo against Olympics during opening ceremony
Police nab UNILAG undergraduate connected to Super TV CEO’s murder
Why I stabbed Super TV CEO – Chidinma UNILAG undergraduate
Super TV CEO: Suspect’s father, service apartment owner released on bail — Lagos CP
Sound Sultan: 18 things to know about throat cancer
Court acquits ex-NBA President of N1.4bn fraud charge
Sleeping with another man’s wife attracts curse in my kingdom – Onogie of Ebelle, HRH Aikpaogie
Convene national dialogue or we move for freedom, Clark tells Buhari
VIDEO: Police parade side chic, alleged killer of Super TV CEO
VIDEO: Ladipo Market traders clash with security operatives
VIDEO: I passed through a lot in Oman, assaulted, owed wages, drugged and deported – Funmilayo Fehintola
VIDEO: Angry indigene calls out road contractor over substandard road project in Edo
VOX POP: Who will win Euro 2020 – Nigerians react
VIDEO: DSS parades 13 suspects, recovered arms from Sunday Igboho’s residence
VIDEO: Malami announces arrest of Nnamdi Kanu
VIDEO: Do slimming teas really make you lose weight?
VIDEO: Can you get COVID-19 from touching people’s clothes?
Sports13 hours ago
French president arrives in Tokyo for Olympic opening ceremony
health12 hours ago
COVID-19: Nigeria records 184 new cases, discharges 32 patients – NCDC
Uncategorized6 hours ago
Protest against “green pass” over new coronavirus rule in Italy
News10 hours ago
1.7m children living with HIV missed treatment in 2020 – Report
News11 hours ago
Revenge Porn: Former Imo Governor Ohakim’s mistress arraigned, granted bail in Abuja
Entertainment10 hours ago
Sacking pastors, wrong approach, Kaffy tells Oyedepo
Metro5 hours ago
Police arraign unemployed man for alleged assault
News6 hours ago
40,000 Cross River residents receive second dose of COVID-19 vaccine