Bitcoin reached a new high of $47,000 after Tesla invested $1.5 billion into the cryptocurrency. The electric car manufacturer says that it will “begin accepting bitcoin as a form of payment” for its products in the future.
In a report, Telsa says “in January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets.”
“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy. 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.”
According to The Verge, Tesla customers have been “calling on founder and CEO Elon Musk to accept bitcoin for vehicle purchases”.
Elon Musk Tweet causes Dogecoin Price to Soar
Elon Musk is making headlines after causing the price of Dogecoin to surge to an all-time high. On Sunday, the tech entrepreneur tweeted “Who let the Doge out”, resulting in a 53% rise over the last 24 hours.
Dogecoin’s record value is now 8.2 cents with a market value of $10 billion – making it the 8th biggest cryptocurrency, according to Bloomberg.
🎶 Who let the Doge out 🎶
— Elon Musk (@elonmusk) February 7, 2021
Dogecoin was introduced in 2013 as a joke. Initially, founders Jackson Palmer and Billy Markus wanted to satirize the growth of altcoins by turning the doge internet meme into a cryptocurrency.
Their joke quickly grew in popularity thanks to the practicality of its low price and large supply which could facilitate “efficient micro-tipping content on social media“.