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Bitcoin Value Hits All-Time High After Tesla Invests $1.5 Billion

Bitcoin Value Hits All-Time High After Tesla Invests $1.5 Billion

Bitcoin saw its value rise to a staggering $43,000 (£31,415) after it was announced that Tesla has invested $1.5 billion (£1,095,892,500) in the cryptocurrency.

In a filing at the United States Securities and Exchange Commission (SEC), Tesla said it had bought Bitcoin for 'more flexibility to further diversify and maximise returns on our cash'.

Credit: PA
Credit: PA

Tesla also announced it would start accepting Bitcoin as a payment for its electric cars.

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The filing added: "Moreover, 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."

The decision will make Tesla the first car manufacturer to accept Bitcoin as a payment.

The cryptocurrency has seen its value soar to an all-time high - according to Forbes, Bitcoin hit an 'all-time high' of $43,730.

And the move has also been good news for Tesla, after the company saw its shares rise by more than two percent in premarket trading, CNBC reports.

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Tesla boss Elon Musk has posted several tweets about cryptocurrency in recent days.

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As well as talking up Bitcoin, Musk has also mentioned the meme-inspired 'dogecoin'.

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Earlier this month, Musk showed his approval of Bitcoin, prompting another rise in its value.
Speaking on the Clubhouse app, Musk said: "Bitcoin is a good thing."

But admitted to being 'late to the party'.

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However, late to the party or not, he changed his Twitter bio to read simply '#bitcoin', which naturally lead to much speculation that he was about to hop on with the cryptocurrency.

Last month, Musk also announced he would be happy to be paid in Bitcoin after its value rose.

He made the comment when responding to a tweet by Ben Mezrich, the author behind The Accidental Billionaires (which was adapted as the film The Social Network in 2010) and Bitcoin Billionaires.

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Mezrich's tweet read: "I'm never turning down getting paid in bitcoin again."

To which Musk replied: "Me neither."

Featured Image Credit: PA

Topics: Bitcoin, elon musk, US News

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Claire Reid

Claire is a journalist at LADbible who, after dossing around for a few years, went to Liverpool John Moores University. She graduated with a degree in Journalism and a whole load of debt. When not writing words in exchange for money she is usually at home watching serial killer documentaries surrounded by cats. You can contact Claire at [email protected]