Tesla Says It Will Accept Bitcoin As Payment Soon

Tesla announced Monday morning that it has purchased $1.5 billion worth of bitcoin.

As seen in this filing with the Securities and Exchange Commission, Tesla noted:

“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.”

The electric car maker, headed by Elon Musk, says it now plans to begin accepting the digital currency as payment for vehicles soon. Tesla will be the first automaker to do so.

We're livin' in the future, folks. Digital currency will soon be accepted to purchase a vehicle.

According to MarketWatch, in late January, Musk tagged the cryptocurrency in his Twitter biography and then added the hashtag #bitcoin to his Twitter bio, he then tweeted, “In retrospect, it was inevitable.”

According to Yahoo Finance correspondent Julia La Roche, Musk spoke about the future of Bitcoin in an interview on the popular voice chat app Clubhouse:

“I do think at this point Bitcoin is a good thing. And, so, I am a supporter of Bitcoin. Like I said, I was late to the party, but I am a supporter of Bitcoin. And I think, Bitcoin is really on the verge of getting broad acceptance by conventional finance people,” Musk said.

Now we don't know just how far this is really going to go. How will the government tax digital currency? Tesla is already thinking far into the future just with all these vehicles are able to do. The rest of the world just needs to catch up.