Tesla is betting big on bitcoin, saying it may soon accept the digital currency as payment for its cars. And the most valuable car company on the stock market said it is holding some of its cash in bitcoin rather than traditional currency.
In its annual filing with the Securities and Exchange Commission, Tesla said that it expects “to begin accepting bitcoin as a form of payment for our products in the near future … initially on a limited basis, which we may or may not liquidate upon receipt.”
In addition, Tesla said it has invested 1.5 billion dollars in bitcoin so far as part of a decision to “invest a portion of [the company’s] cash in certain specified alternative reserve assets.” Tesla lists 19 billion dollars in cash and cash equivalents on its balance sheet as of December 31.
There has been a growing appetite by mainstream investors to invest in bitcoin, although some on Wall Street have recently argued that its value is an overpriced bubble.