According to Tesla, it has made a $1.5 billion investment in Bitcoin. This morning, the electric vehicle manufacturer disclosed the new bitcoin investment in its annual 10-K report to the SEC.
In the near future, Tesla says it will "start accepting Bitcoin as a form of payment for our products."
Customers of Tesla have recently urged the company's CEO and founder Elon Musk to accept bitcoin for vehicle purchases.
Musk has been outspoken about supporting the digital currency on Twitter and recently added the hashtag #bitcoin to his profile.
Over the past week, Musk has also supported Dogecoin on Twitter, which has increased the cryptocurrency's value immediately after his tweets.
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.