Bitcoin Hits Record High, Crosses $43,000 after Tesla's $1.5 Billion Investment
Bitcoin Hits Record High, Crosses $43,000 after Tesla's $1.5 Billion Investment
Tesla Inc said on Monday it had invested around $1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, prompting a 7% jump in the electronic currency.

Bitoin hit a record-high above $43,000 on Monday after electric carmaker Tesla invested $1.5 billion in the digital currency. Bitcoin hit $43,725.51 around 1300 GMT, before cooling slightly to $42,352.

The cryptocurrency is up around 50 percent since the start of the year.

Tesla Inc said on Monday it had invested around $1.5 billion in bitcoin and expected to begin accepting payment for its cars and other products with it in the near future, prompting a 7% jump in the electronic currency.

Tesla said in a filing the decision was part of its broad investment policy as a company and was aimed at diversifying and maximizing its returns on cash.

It said it had invested an aggregate $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”.

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