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Tesla buys $1.5bn in bitcoin, pushing price to new high

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February 08, 2021 at 01:53PM

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Elon Musk has helped to drive popularity of cryptocurrencies, including bitcoin and dogecoin

Tesla, the electric car company run by the world’s richest person, Elon Musk, revealed on Monday that it had bought $1.5bn (£1.1bn) in bitcoin and said it may soon accept payment in the popular but controversial cryptocurrency.

The company disclosed the bitcoin holding in a filing with the US Securities and Exchange Commission (SEC) on Monday. Tesla said that it had “updated our investment policy to provide us with more flexibility to further diversify and maximize returns” to allow it to invest cash reserve in “alternative reserve assets including digital assets”.

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