Business • Economy
2021-02-08T13:27:48+00:00

Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

The company said it bought the bitcoin for "more flexibility to further diversify and maximize returns on our cash," according to the filing. In addition to the purchase, Tesla said it would start accepting payments in bitcoin in exchange for its products as well.

The move raised immediate questions around CEO Elon Musk's behavior on Twitter recent weeks, where he has been credited for increasing the prices of cryptocurrencies like bitcoin and dogecoin by posting positive messages about them and therefore encouraging more people to buy.

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