Bitcoin hits $43K all-time high as Tesla invests $1.5 billion in BTC

Bitcoin hits $43K all-time high as Tesla invests $1.5 billion in BTC

Bitcoin (BTC) jumped from February 8 to nearly $3,000 in a matter of minutes when reports surfaced that Tesla had bought $1.5 billion worth of BTC.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Bitcoin hits $43K all-time high as Tesla invests $1.5 billion in BTC

BTC price exceeds $43,000

Data from Cointelegraph Markets and TradingView tracked BTC/USD when a sudden jump to over $41,000 appeared after Tesla’s plans were announced.

An SEC filing shows that the company plans to buy bitcoin for $1.5.

In January 2021, we updated our investment guidelines to provide greater flexibility in further diversifying and maximizing the return on our cash that is not required to maintain sufficient operating liquidity. Under this policy, which has been duly approved by the Audit Committee of the Board of Directors, we may in the future invest a portion of such cash in certain alternative reserve assets, including digital assets, gold coins, gold exchange traded funds and other assets disclosed herein.

As a result, we have invested a total of $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or on a long-term basis. In addition, we plan to begin accepting bitcoin as payment for our products in the near future, in accordance with applicable law and initially on a limited basis, which we may or may not cancel upon receipt.

This follows encouraging signs from CEO Elon Musk, the world’s richest man, who last week openly stated that he was a supporter of bitcoin. Since then, however, the signals have been mixed after Mr Musk removed bitcoin from his Twitter bio, but continues to tweet and promote dogecoin (DOGE).

At the time of writing, volatility has jumped as BTC/USD has crossed an all-time high of $42,000.

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