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.
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.”