Tesla has announced on Monday that it has bought $1.5 billion worth of bitcoin. In a new filing with the Securities and Exchange Commission, the company said it bought bitcoin for “more flexibility to further diversify and maximise returns on our cash”.
Tesla’s big move into bitcoin represents a significant percentage of its cash in this new investment. This move raises questions around Musk’s behaviour on Twitter, where he had been credited for increasing cryptocurrency prices like dogecoin and bitcoin through posting positive messages that encouraged more people to purchase the digital currencies.
