San Francisco: Billionaire Elon Musk from San Francisco made an investment of $1.5 Billion on Bitcoin Cryptocurrency. Elon Musk’s Electric Vehicle company TESLA has invested $1.5 Billions on Bitcoin.
Tesla also said that they will soon start to accept Bitcoin as a payment method for their products. Exactly when they will start it is not specified they only said “in the near future” in their report.
Tesla in their report said “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximise returns on our cash that is not required to maintain adequate operating liquidity,” Tesla also added “As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
Over the past week Elon Musk was seen twitting in support of Dogecoin another cryptocurrency service. His tweets in support of Dogecoin boosted their customers and now his company TESLA’s investment boosting Bitcoin.
Cryptocurrencies are digital assets designed to work as a mode of exchange where translations are secure due to the use of digital coins which are the records of individual coins stored in computerised database. It also uses strong cryptography to keep the transaction safe and secure, to keep the creation of additional coins in control and to verify the transferred coins ownership.
Dogecoin and Bitcoin both are cryptocurrency service provider and both of their users have boosted because of Elon Musk directly or indirectly.
By Saumen Paul