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Tesla Discloses $1.5 Billion Investment in Bitcoin

Additionally, the company said it expects to accept bitcoin as payment for its cars and other products in the near future.

Image: Tesla Model S. Source: Tesla

(Reuters) – Tesla Inc said on Monday it had invested around $1.5 billion in bitcoin and expected 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 in its Form 10-K filing that the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash.

It said it had invested an aggregate $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.

Reporting by Subrat Patnaik in Bengaluru; Editing by Bernard Orr and Patrick Graham.


Source: Reuters

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