Posted on 02/08/21
| News Source: i24
Electric car maker announced purchase on Monday, saying it brought more flexibility to further diversify
Cryptocurrency bitcoin's stock market price spiked precipitously Monday, following an announcement from Elon Musk's Tesla car company that it had invested $1.5 billion, according to a filing with the Securities and Exchange Commission (SEC).
The news sent bitcoin's price to a record $44,000 - at the time of writing - a more-than 12-percent increase. Bitcoin's 2020 was spectacularly successful, in which it more than quadrupled its value in an increasingly uncertain global financial situation.
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The electric car maker said it bought bitcoin for “more flexibility to further diversify and maximize returns on our cash,” according to the filing. It added that it may invest future portion of its assets in digital assets, reported CNBC.
Musk has recently been talking up the benefits of cryptocurrency on his Twitter feed, posting a series of somewhat cryptic tweets. In addition to bitcoin, Musk tweeted that crypto was the "future currency of earth," which sent dogecoin's value similarly skyrocketing after he also mentioned it. Read more at i24