Tesla will start accepting bitcoin payments for its cars and other products 'in the near future' and it invests $1.5 billion in the cryptocurrency

 Tesla has invested $1.5 billion in bitcoin and says it will start accepting the cryptocurrency as payment for its cars and other products in the near future. 

Bitcoin's price surged to a record-high of $44,000 soon after Tesla's announcement on Monday.    

Analysts said the move by one of the world's best-known companies was liable to prove a game changer for bitcoin. 

A well-known supporter of bitcoin, Tesla CEO Elon Musk has been weighing in regularly over the past week to a frenzy in retail investment, also driving up shares in meme-based digital currency dogecoin and shares of video game chain GameStop. 

Tesla has invested around $1.5 billion in bitcoin and says it will start accepting payment for its cars and other products with it in the near future

Tesla has invested around $1.5 billion in bitcoin and says it will start accepting payment for its cars and other products with it in the near future

The announcement on Monday prompted a 7% jump in the electronic currency

The announcement on Monday prompted a 7% jump in the electronic currency

Musk said a week ago that bitcoin was 'on the verge' of being more widely accepted among investors and in December asked if it was possible to do large transactions in the currency. 

Tesla, which made the announcement in a US Securities and Exchange Commission filing, said 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'.

Bitcoin surged after Tesla made the disclosure to hit a record high.

Tesla will start accepting bitcoin payments for its cars and other products 'in the near future' and it invests $1.5 billion in the cryptocurrency Tesla will start accepting bitcoin payments for its cars and other products 'in the near future' and it invests $1.5 billion in the cryptocurrency Reviewed by STATION GOSSIP on 08:19 Rating: 5

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