Bitcoin price skyrockets after Elon Musk’s Tesla invests

Simply in time for Valentine’s Day, right here’s the massive 2021 love story: Tesla and bitcoin.

The electrical-vehicle maker has invested $1.5 billion within the cryptocurrency.

The data was revealed in Tesla’s annual report, which was filed with the U.S. Securities and Change Fee this morning.


In it, Tesla additionally revealed that plans to begin letting clients use bitcoin to purchase its merchandise “within the close to future.”

The cryptocurrency information despatched bitcoin’s price hovering to report highs. It shot up round 8 a.m. ET, peaking shortly earlier than 9:30 a.m. at greater than $44,000.

Tesla’s inventory additionally benefited from the announcement. It was $868.20 per share, up $15.97 or 1.87%, in mid-morning buying and selling.

“We imagine our bitcoin holdings are extremely liquid. Nevertheless, digital property could also be topic to unstable market costs, which can be unfavorable on the time once we need or have to liquidate them,” Tesla wrote.

Tesla CEO Elon Musk is a famous fan of cryptocurrency. Final month, he included the hashtag #bitcoin in his Twitter bio, which drove the price up. He’s additionally tweeted in assist of dogecoin, together with a tweet tweet final night time: “Ð is for Ðogecoin! Tutorial video.”

In 2017, Musk needed to dispel rumors that he was Satoshi Nakamoto, the pseudonymous creator of bitcoin, after a former SpaceX intern mentioned he was.