Tesla said it was trying to maximise returns on cash that is not being used in day-to-day running 12

Publish Date : 2021-02-10


Tesla said it was trying to maximise returns on cash that is not being used in day-to-day running 12

Elon Musk's car firm Tesla has said it bought about $1.5bn (£1.1bn) of the cryptocurrency Bitcoin in January and expects to start accepting it as payment in future.

The news caused the price of Bitcoin to jump 17% to $44,220, a record high.

Tesla said it was trying to maximise returns on cash that is not being used in day-to-day running of the company.


https://beehive.instructure.com/eportfolios/1769/Home/1080p__3__2021_Detective_Chinatown_3_
https://cosn.instructure.com/eportfolios/14128/Home/32021Detective_Chinatown_3__
https://sdcoe2.instructure.com/eportfolios/11550/Home/3_2021Detective_Chinatown_3_
https://sites.google.com/view/detectivechinatown3tw/home
https://sites.google.com/view/chinatown3/home

It comes days after Mr Musk added "#bitcoin" to his Twitter profile page, which drove up the price.

He removed it days later, but has continued talking up Bitcoin and other cryptocurrencies, including Dogecoin, which jumped 50% after his endorsement.

Dogecoin takes off after tip by Elon Musk
Bitcoin tops $34,000 as record rally continues
In a stock market filing, Tesla said it "updated its investment policy" in January and now wanted to invest in "reserve assets" such as digital currencies, gold bullion or gold exchange-traded funds.

It said it had already bought $1.5bn of Bitcoin and could "acquire and hold digital assets" in the future.

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," it said.

Mr Musk said a week ago in a tweet that Bitcoin was "on the verge" of being more widely accepted among investors.

Game-changer?
Some analysts said Tesla's investment could be a game-changer for the cryptocurrency.

"I think we will see an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move," said Eric Turner, vice-president of market intelligence at cryptocurrency research firm Messari.

"One of the largest companies in the world now owns Bitcoin and by extension, every investor that owns Tesla, or even just an S&P 500 fund, has exposure to it as well."

But Neil Wilson, chief market analyst for Markets.com, warned that Bitcoin was a "very volatile" cryptocurrency.

"Tesla is now starting to take on big [foreign exchange] risk - this may not worry a lot of investors, but some conservative types might be concerned," he said.

No intrinsic value?
Bitcoin, which has hit record highs in recent months after a rollercoaster ride over the past decade, has also drawn support from major financial institutions this year.

The world's biggest money manager, Blackrock, recently changed a handful of investment mandates to allow some of its funds to invest in the currency.

However, central banks remain sceptical of digital currencies.

In October, Bank of England governor Andrew Bailey cautioned over Bitcoin's use as a payment method.

"I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value," he said. "It may have extrinsic value in the sense that people want it."

Mr Bailey added that he was "very nervous" about people using Bitcoin for payments, pointing out that investors should realise its price was extremely volatile.

Bitcoin's value surged above $34,000 (£24,850) for the first time on Sunday as the leading cryptocurrency continued to soar.

While the value of the US currency rose in March at the start of the coronavirus pandemic as investors sought safety amid the uncertainty, it has since dropped due to major stimulus from the US Federal Reserve. The currency ended last year with its biggest annual loss since 2017.



Category :education

Be Successful in Your ISC2 CCSP Exam Preparation

Be Successful in Your ISC2 CCSP Exam Preparation

- A number of homeschooling mothers and dads are nervous - fearful that their little a single will occur for the summary they did staying a very little 1


kino yerevan kino epta kino english kino

kino yerevan kino epta kino english kino

- kino yerevan kino epta kino english kino 4x4 kino film.co kino govno kino gb elite kino film kino france kino flo kinorffd


The Importance of Benefits Education

The Importance of Benefits Education

- Health insurance is an important benefit that adds great value to any compensation package. Although employees are more likely to focus


Use Actual & Authentic Oracle 1Z0-344 Questions PDF - With 90 days Free Updates

Use Actual & Authentic Oracle 1Z0-344 Questions PDF - With 90 days Free Updates

- Use Actual & Authentic Oracle 1Z0-344 Questions PDF - With 90 days Free Updates