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Breaking: Tesla Purchases $1.5B In Bitcoin

Breaking: Tesla Purchases $1.5B In Bitcoin

News just came out that the Elon Musk-led, electric vehicle and clean energy company, Tesla, has purchased $1.5B in Bitcoin. This information was disclosed in their annual report filed with the SEC. 

Carl Quintanilla from CNBC tweeted the following excerpt from the SEC report which has seemingly set off a firestorm in the crypto community:

“TESLA 10-K: ".. we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future .."

The markets have immediately responded with BTC crossing over the $40,000 barrier once again.

Elon Musk’s Constant Crypto Teasing

Tesla’s CEO Elon Musk has garnered quite a reputation of being a crypto advocate. A few days back, the billionaire added the hashtag #bitcoin to his Twitter bio. Just this move was enough to push the premier cryptocurrency by as much as 20%. Following that, during a clubhouse chat, which has since gone viral for the way he drilled down on Robinhood for their recent actions, Musk went further in on his thoughts on BTC:

“I’ve got to watch what I say here because some of these things can really move the market. Many friends of mine have tried to convince me to get involved in bitcoin for a long time.”

Musk admitted that he is late to the Bitcoin party and should have bought BTC “eight years ago.”

Plus, Musk has also turned out to be the biggest advocate for Dogecoin, the cryptocurrency inspired by the doge meme. Although, it be must be noted, that he is mostly trolling during his pro-DOGE sermons. During his clubhouse chat, Musk said:

“But fate loves irony. The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future.”

Following Musk’s seemingly relentless support, celebrities like Kiss singer Gene Simmons, and popular rapper Snoop Dogg. Dogg recently tweeted at Musk with a parody of one of his albums, wherein the rapper’s name is replaced with “Snoop Doge.” Simmons, on the other hand, has been busy tweeting popular crypto slangs like “HODL” and “to the moon.” He also revealed that he has invested in DOGE and BTC.

Did Michael Saylor Play A Major Role Here?

MicroStrategy also has a >$1B investment in Bitcoin and CEO Michael Saylor has been a tireless proponent of the cryptocurrency. Last week, they held a major conference introducing Bitcoin and its use cases to corporates from around the world. However, it should be noted that back in December 2020, Saylor also had a conversation with Musk talking about Bitcoin’s credibility. After Musk tweeted a provocative meme about BTC, Saylor responded with:

“If you want to do your shareholders a $100 billion favor, convert the TSLA balance sheet from USD to BTC. Other firms on the S&P 500 would follow your lead and in time it would grow to become a $1 trillion favor.”

The Tesla and SpaceX founder then asked if billion-dollar transactions could be possible with Bitcoin. To this Saylor replied:

"Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline - from one rocket scientist to another.”

In retrospect, Tesla’s BTC investment does look pretty inevitable!

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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