Tesla Soon to Start Accepting Bitcoin as Payment in Future

By: Dickson Arinze

February 8, 2021 11:59 AM

Tesla Motors will now be able to hold Bitcoin in it reserves, The largest automobile company accepting Bitcoin as payment for its cars without necessarily having convert it.

Tesla CEO Elon Musk has finally hearken into the advice from major industry figures such as Microstrategy CEO early advise by allocating some of its balance sheets into BTC.

According to the announcement in Mondays filling with the Securities and Exchange Commission(SEC), Tesla announced it had purchased an amount of $1.5B in Bitcoin which will be held as an investment for its excess cash.

The average purchase price and total Bitcoin acquired by the company are currently unknown. With the Tesla investment policy updated in Jan. 2021, that could suggest the company might possess 35,900 to 45,500 Bitcoin at an estimated average price of $33k to $42k.

Tesla is expected to begin offering clients the option to purchase its products with BTC, the filing reads.

Elon Musk who previously only owned about 0.25 BTC a friend sent to him. However, Musk has warmed up crypto and Bitcoin 2021 bull run, at some point he called himself "CEO of Dogecoin" has since dedicated some tweets to the meme-inspired coin which has made it reach a new all-time high.