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Bitcoin Soars to New High of $44,000Â
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Elon Musk Says Telsa Will Accept Bitcoin as Payment
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Tesla Spends $1.5 billion of its $19 billion in cash on the crypto currency
One of the world’s most innovative companies in the world is going big on bitcoin. Telsa announced in an SEC filling Monday that it is investing a large percentage of its cash in bitcoin. The company is buying $1.5 billion in bitcoin and will begin accepting the cryptocurrency as payment.
In recent weeks, the billionaire found Elon Musk has tweeted about bitcoin, adding the hashtag #bitcoin to his Twitter bio. The move is credited with helping to push up the price of bitcoin by 20%. He also said on the Clubhouse social media site that, “I do, at this point, think bitcoin is a good thing, and I am a supporter of bitcoin.”
He wasn’t kidding. A $1.5 billion purchase represents a significant portion of the company’s cash holding. At the end of 2020, filings show Tesla had $19 billion in cash and cash equivalents available.
Editor’s note: Please download and subscribe to my free daily podcast. In today’s episode, I question how the left is attacking former Treasury Secretary Larry Summers (one of their own) for noting that all this stimulus is bound to cause inflation.Â
