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Bitcoin hits $44K all-time high as Tesla invests $1.5 billion in BTC

  • Posted On - 2021-02-08 13:30:31

Data from Cointelegraph Markets and TradingView tracked a sudden spike to over $44,000 in BTC price as news of Tesla's plans trickled in.

A filing with the US regulator the Securities and Exchange Commission (SEC) shows that the company has planned to buy $1.5 worth of Bitcoin.

"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, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future," it reported.

"Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. 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 move follows encouraging signs from CEO of Tesla Motors, Elon Musk,  who last week openly stated that he was a "supporter" of Bitcoin. Since then, however, signals have been mixed, after Musk removed Bitcoin from his Twitter bio but kept mentioning BTC and DOGE openly.

Currently Bitcoin is at 44,000$ which is up approx 25% up from the last week.

Source : https://cointelegraph.com/news/bitcoin-hits-43k-all-time-high-as-tesla-invests-1-5-billion-in-btc