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Tesla Enters The Crypto Game: $1.5 Billion into Bitcoin

Tesla, the biggest electric car company in the world, run by Elon Musk revealed that it has purchased $1.5bn in Bitcoin, joining some of the early institutional investors like MicroStrategy and Blackrock.

Tesla disclosed the Bitcoin holding in a filing with the US SEC on Monday, 8th of February 2021. this move could accelerate the movement of institutional investors and retail investors alike. Since the announcement, Bitcoin price has increased from $39,300 to $44,575 in a single day. The company said that they have updated their investment policy to have more flexibility with diversifying and maximising returns, including digital assets.

Tesla also stated that they consider crypto payment in the near future based on regulations. What do you think? Is he going to drive crypto to mass adoption and link corporation with the digital asset's world, or is this just a hype? Comment down below!

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