CNBC reports that Tesla not only bought $1.5 billion worth of Bitcoin to help “diversify and maximize” its returns, but will start taking payments using the digital asset sometime in the “near future.” It’s the first major car maker to take Bitcoin for purchases.
Not surprisingly, Tesla’s move just did that, sparking a Bitcoin price surge to over $44,000. Tesla can court newly minted cryptocurrency millionaires itching to spend their fortunes on a new Model S. The investment is something of a gamble, though. The $1.5 billion represents a significant portion of Tesla’s roughly $19.4 billion in cash, and it’s entirely possible that money could evaporate if Bitcoin prices plunge.
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