Bitcoin Soars to All-Time Highs After Tesla Buys $1.5 Billion

By Timothy Sykes

Last updated on April 18, 2022
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In a Monday morning filing with the SEC, Tesla, Inc. (NASDAQ: TSLA) disclosed it had purchased $1.5 billion worth of bitcoin.

The electric car maker stated its desire is to “diversify and maximize returns” on the extra cash it had on hand.

Shortly after news of the filing broke, bitcoin spiked to new all-time highs near $45,000. At writing, it’s trading near $43,500 — up more than 15% from yesterday.

Tesla’s filing went on to say that it planned to begin accepting bitcoin as payment “in the near future.” The filing included a note that said it “may or may not liquidate” the payments it receives.

Last May, Tesla’s CEO Elon Musk revealed he personally owns 0.25 bitcoin. At the end of January, he added “#bitcoin” to his Twitter bio, but has since removed it.

Musk has publicly stated his support of bitcoin. In a CNBC interview this month, he stated, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin”

Investors in TSLA stock reacted positively to the news — at writing, its price is up about 2% on the day.

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Image: phanurak rubpol/Shutterstock.com

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Comments (1)
Author imageTimothy Sykes
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