Tesla Dumps $1.5 Billion Into BTC

Wednesday 10 February 2021, 12:06 PM AEST - 2 months ago

Bitcoin hit yet another all time high when Tesla invested $1.5 Billion into the worlds best performing asset of the decade.

Founder, Elon Musk, of the worlds best known electric car, Tesla, has always been a night advocate of Bitcoin, and this just seals the deal.

In an annual report filed with the US Securities and Exchange Commission, Tesla stated that,

The company may acquire and hold digital assets from time to time or long term.

When the news hit the market Bitcoins price increased by about 14%, hitting a new all time high and breaking past $44,000 USD. This now puts Bitcoins year-to-date return to about 50%, which far outperforms the 3.9% of majority of US stocks.

Teslas annual report has also updated their investment policy to provide more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.

Further including in the report investments in alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets.

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