Electric car maker Tesla has invested $1.5 billion in Bitcoin, the company reported Monday in its investor relations filing. The company stated its purpose is to diversify and maximize returns on its cash holdings. Bitcoin prices increased on Monday morning over last week, according to Yahoo Finance . The Tesla stock increased as well, NBC News reported . It is uncommon for businesses to use digital currency as an investment asset, reported USA Today . Tesla stated in its filing that digital assets are associated with risks and uncertainties due in part to price volatility . The filing mentions as risk factors that digital assets are new, that they lack government backing and are technologically vulnerable. Tesla said it had invested around $1.5 billion in #bitcoin and expected to begin accepting payment for its cars and other products with it in the near future https://t.co/XIpc7PDZag — Reuters (@Reuters) February 8, 2021 Tesla also announced that it … [Read more...] about Tesla Buys $1.5 Billion In Bitcoin
