The crypto market saw a huge surge in Bitcoins and Ethereum’s price this morning. This was after Tesla had released a statement announcing they had already purchased £1 billion worth of Bitcoin. Later adding to the announcement that they plan to continue the purchase of Bitcoins in the present and in the future.
Tesla filed this with the U.S. Securities and Exchange Commission leading to a lengthy and informative announcement that Tesla are soon to accept Bitcoin as a form of payment for their Tesla fleet of vehicles.
“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, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.
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.”
We have seen numerous tweets from Elon Musk showing his interest in Bitcoin which has now inevitably found it’s way to being one of the worlds top digital currency.
He has also managed to get some great exposure on the meme cryptocurrency called Dogecoin (DOGE) which saw it move from £0.01 to a high of about £0.058.
Musk has not mentioned that much about the second-largest cryptocurrency called Ethereum (ETH), although he had mentioned last year that his company will not be looking into the developing using the blockchain network that exists within. We’re un unprecedented times and although things could change it doesn’t look like he’ll be looking into ether anytime soon.
Bitcoin is at £31,655 at time of publishing, up 14.45% in the last 24 hours according to CoinMarketCap. Ethereum is up 11.12% at £1,270.