Submitted by cpowell on Mon, 2021-02-08 22:23. Section: Daily Dispatches
‘Elon Musk’s Tesla Buys $1.5 Billion of Bitcoin Causing Currency to Spike
From BBC News, London
Monday, February 8, 2021
Elon Musk’s car firm Tesla has said it bought about $1.5 billion (L 1.1billion) of the cryptocurrency Bitcoin in January and expects to start accepting it as payment in the future.
The news caused the price of Bitcoin to jump 17% to $44,220, a record high.
Tesla said it was trying to maximise returns on cash that is not being used in day-to-day running of the company.
It comes days after Mr Musk added “#bitcoin” to his Twitter profile page, which drove up the price.
He removed it days later, but has continued talking up Bitcoin and other cryptocurrencies, including Dogecoin, which jumped 50% after his endorsement.
In a stock market filing, Tesla said it “updated its investment policy” in January and now wanted to invest in “reserve assets” such as digital currencies, gold bullion, or gold exchange-traded funds.
It said it had already bought $1.5 billion of Bitcoin and could “acquire and hold digital assets” in the future. …
… For the remainder of the report:
https://www.bbc.com/news/business-55939972
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