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Tesla Buys $1.5 Billion in Bitcoin, Plans to Accept as Payment Soon

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Tesla has revealed it has purchased $1.5 billion in Bitcoin, according to the disclosure in a Securities and Exchange Commission (SEC) filing, reports Tesla North.

The filing also reveals Tesla plans to accept the cryptocurrency as a form of payment in the future. That’s right—you may be able to buy your next Tesla with Bitcoin.

“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,” explains Tesla in its Form 10-K filing.

“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,” added the company,” added the disclosure.

News of Tesla jumping into Bitcoin sent prices of the latter surging over 11%, with one Bitcoin now worth an eye-popping $55,793.91 CAD.

Tesla CEO Elon Musk recently added a Bitcoin hashtag to his Twitter bio and also said he was a “supporter of Bitcoin” in an interview. Musk continues to play 4D chess while traditional automakers are stuck playing checkers.

It’s unclear if Tesla’s dive into Bitcoin will result in other big tech companies to follow. It’s hard to imagine Apple ever investing in Bitcoin and allowing customers to pay for one with the digital currency.

You can buy and sell Bitcoin in Canada with Newton–click here to sign up and get $25 free to trade.

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