Elon Musk is a big fan of cryptocurrency so big that he invested $1.5 billion in Bitcoin and begin accepting the cryptocurrency as a form of payment.
The announcements, buried deep in Tesla’s 2020 annual report, drove a roughly 20% surge in the world’s most widely held cryptocurrency to over $47,000. At current prices, 0.8 bitcoins would be enough to buy an entry-level Tesla Model 3!
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Investors anticipated other companies will soon join a list of firms that invest in or hold bitcoin including BlackRock Inc, the world’s largest asset manager, and payments companies Square and PayPal.
Tesla now trails only MicroStrategy as the largest corporate owner of Bitcoin; it issued $650 million in convertible bonds last year explicitly to use the cash to buy the cryptocurrency.