Elon Musk’s Tesla Motors is following in the lead of MicroStrategy and other companies by allocating part of its balance sheet to Bitcoin (BTC).
In a file on Monday with the Securities and Exchange Commission, the company announced that it had bought a total of $ 1.5 billion of bitcoin, to be kept as an investment and store of excess cash value. It is currently unknown the average purchase price and the number of BTC the company acquired.
As part of the policy, Tesla expects to begin providing customers with the ability to purchase its products in bitcoin, as the case may be. Unlike many other similar initiatives, Bitcoin that it receives will not necessarily be liquidated as soon as possible and thus will likely add to its reserves.
In addition to Bitcoin, Tesla’s new investment policy allows for the purchase of gold bars and gold exchange-traded funds, or ETFs.
Related: Bitcoin hit $ 43,000 on record as Tesla invested $ 1.5 billion in Bitcoin
The purchase follows Elon Musk’s entry into the world of cryptocurrencies. From keeping only about 0.25 Bitcoins sent by a friend, Mask prepared cryptocurrencies and Bitcoin with the advent of the 2021 revolution.
After earlier calling himself “Dogecoin CEO,” he dedicated some tweets to the meme-inspired coin. This sparked some criticism from prominent Bitcoin fans, who saw it as irresponsible. However, Musk’s openness to Bitcoin appears to have far more tangible consequences than the dynamic change on Twitter.