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Tech billionaire Elon Musk’s electric vehicle company, Tesla, has invested $1.5 billion into Bitcoin, according to its annual 10-K report filed with the US Securities and Exchange Commission (SEC) on Monday.

Tesla said it will also “begin accepting Bitcoin as a form of payment for our products in the near future.”

The announcement comes amid renewed interest shown by Musk in cryptocurrency and requests from Tesla customers to be equipped to pay for their vehicles, using Bitcoin.

“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximise returns on our cash that is not required to maintain adequate operating liquidity,” Tesla said in the report.

“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,” it added.

Musk has also been sending tweets in support of Dogecoin over the past week, leading to a rise in the cryptocurrency’s value.

James Preston
James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email info@globalcrypto.tv