Bitcoin’s price jumped sharply to an all-time high after Tesla revealed a big stake in the cryptocurrency and said it would start accepting payments in the digital coin for its products.
The world’s largest cryptocurrency popped 14% to $44180.3, for its best day since March, according to Coin Metrics. It hit an intraday record high of $44,762.4 after Tesla’s announcement. Bitcoin just finished a banner year with its price more than quadrupling in 2020.
In a filing with the Securities and Exchange Commission, Tesla announced Monday that it bought $1.5 billion worth of bitcoin for “more flexibility to further diversify and maximize returns on our cash.” It also said it may invest a future portion of its assets in digital assets and that it will accept bitcoin as payment for products “subject to applicable laws and initially on a limited basis.”
The move makes Tesla the first major automaker to accept bitcoin as payment.
Reference: CNBC
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