Tesla buys and to accept bitcoin for vehicle payments in the future

Breaking news as of Monday that sent Bitcoin prices in a sharp uptick, Tesla Inc. announced it had or will be purchasing 1.5 billion in bitcoin.

A filing with the SEC confirmed the news.

Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.

Tesla SEC filing statement

As the only manufacturer that accepts bitcoin, it opens up a new market for those holding bitcoin. As selling bitcoin incurs taxable events, large purchases such as a car could be a cost-effective option. Will others follow suit? I guess it depends on how successful this test is.

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Interest in other potentials that cryptocurrency can impact the car industry? Check out our article “3 ways crypto in the car could change the future of driving.”

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Crypto in the car: 3 ways cryptocurrency could change the future of driving