Tesla has invested $1.5 billion USD (roughly $1.9 billion CAD) into ‘Bitcoin.’ Following this move, the company plans to take Bitcoin payments for its cars soon.
The company’s 10-K report to the SEC says that in January of 2021, the electric automaker invested in the cryptocurrency after updating its investment policy to be more flexible.
News of Tesla’s investment sent a shockwave amongst investors, shooting the price of Bitcoin up over $5,000 CAD to $55,000 CAD, breaking its all-time high of $51,000 CAD.
This isn’t the only Cryptocurrency that’s seen gains related to Elon Musk. Last week during the Reddit trading frenzy, the CEO tweeted about Dogecoin, skyrocketing its price.