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Tesla Buys $1.5 Billion in Bitcoin

On Monday, Tesla announced that it had invested $1.5 billion in bitcoin and is planning to seek options for accepting the cryptocurrency as payment for its products in the near future. The purchase sent the price of bitcoin soaring after the Monday announcement, which was included in Tesla’s latest annual report. According to Tesla, members of its board’s audit committee updated the company’s investment policy to allow the company to boast more flexibility in investments.

The company can now invest in digital assets, gold bullion, gold-exchange traded funds, and other valuable assets, according to the Monday report. Tesla stated that they believe their bitcoin holdings are highly liquid. Elon Musk, Telsa’s founder, has shown interest in the cryptocurrency. He frequently tweeted about a cryptocurrency that was started in 2013 as a joke, dogecoin, also sending its price soaring.

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