In the recent raucous happenings in the stock market, cryptocurrencies have been a big part of the ongoing conversation - particularly Bitcoin and Dogecoin. The former seemed to be moving in value on some hints of interest from Tesla founder and CEO Elon Musk, and now we may know a little more about why that is. Apparently, Tesla has taken $1.5 billion and converted it from USD into Bitcoin, pushing value of the cryptocurrency to an all-time high. What’s more, the company has revealed it will begin accepting Bitcoin as payment in the near future.
The recent major cryptocurrency moves from Tesla saw Bitcoin’s value jump to over $43,000, up another couple thousand from the previous teasings by Elon Musk via his Twitter. The reason for Elon’s Twitter postings now seems to indicate his company’s large investment into the cryptocurrency, as reported by CBC. According to said report, Tesla revealed in a regulatory filing that it had taken $1.5 billion in USD and converted it into Bitcoin.
That wasn’t all. Apparently, Tesla is working towards making bitcoin an official form of payment in transactions with the car manufacturer pretty soon.
“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,” Tesla shared in the filing.
Musk and Tesla’s involvement aside, Bitcoin also recently topped $40,000 for the first time in the rather volatile stock market. As GameStop stock rose like a rocket on the efforts of subreddit WallStreetBets and erratic trading around the stock, Musk had been vocal about the matter alongside the likes of various government officials such as New York Representative Alexandria Ocasio-Cortez.
Was raising the value of Bitcoin in the chaos part of Musk’s plan in being vocal? It’s hard to say, but it certainly seems plausible given what we know now about Tesla’s all-in efforts into the cryptocurrency. Stay tuned as we continue to follow this story for further updates and details.