Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion

Plus: Supreme Court Will Decide Whether Police Can Enter A Home To Seize Guns Without A Warrant

TOPLINE

Electric car giant Tesla announced in a filing with the Securities and Exchange Commission on Monday that it has invested $1.5 billion in bitcoin this year and said it plans to start accepting bitcoin as payment for its products, sending the price of the popular cryptocurrency soaring to a new high above $43,000.

KEY FACTS

Tesla said the bitcoin purchase happened under an updated investment policy designed to “provide us with more flexibility to further diversify and maximize returns on our cash.”

Tesla CEO Elon Musk has been a vocal proponent of digital currencies on social media, and this month sent the price of dogecoin up nearly 60% after a series of tweets in support of what he called “the people’s crypto.”

 When Musk added the hashtag #bitcoin to his Twitter profile at the end of January, the price of the digital asset surged more than 15% in 15 minutes.

In the filing, Tesla warned investors of the “highly volatile” nature of digital assets and the still-developing regulatory framework surrounding that market. 

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