Updated Feb 8, 2021, 08:36am EST
Electric car giant Tesla announced in a filing with the Securities and Exchange Commission on Monday that it has invested .5 billion in bitcoin this year and said it plans to start accepting bitcoin as payment for its products, sending the price of the popular cryptocurrency soaring to a new high above ,000.
In the filing, Tesla said the bitcoin purchase happened under an updated investment policy designed to “provide us with more flexibility to further diversify and maximize returns on our cash.”
Tesla CEO Elon Musk has been a vocal proponent of digital currencies on social media, and this month sent the price of dogecoin up nearly 60% after a series of tweets in support of what he called “the people’s crypto.”
“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people,” Musk said on Clubhouse earlier this month, according to The Block.
This is a developing story.
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