Tesla Inc. Buys US$ 1.5 Billion Bitcoin, What The Hell?

Photo: REUTERS/Brendan McDermid

Tesla Inc announced on Monday (2/8/2021) it has purchased US$ 1.5 billion worth of bitcoin or the equivalent of Rp 21 trillion (exchange rate Rp 14,000/US$). In a filing with the U.S. Securities and Exchange Commission, Tesla outlined the reasons behind the move.

Tesla also said it would begin accepting payments in the form of bitcoins for their products. This would make Tesla the first car manufacturer in the context of using bitcoin as a means of payment.

This move raises no questions. Tesla Inc CEO Elon Musk has frequently posted messages on Twitter raising cryptocurrency treasures such as bitcoin and dogecoin. It inevitably makes many people buy digital currency.

Two weeks ago, Musk added a #bitcoin hashtag to his Twitter bio. The move pushed bitcoin's rise to 20%.

"At the moment I think bitcoin is a good thing and I am a supporter of bitcoin," Elon Musk said on social media chat site Clubhouse.

Following Tesla Inc's announcement, the price of bitcoin jumped to $US44,200, up 2.5% in premarket trading. Tesla warned investors about bitcoin price volatility in a filing to the U.S. Securities and Exchange Commission.

Tesla Inc's move also affects the percentage of cash in the company's investments. The company has more than US$ 19 billion in cash as of 2020.

From the current state of non-normality, it is not impossible that steemian activists will increase again, especially with the slowly soaring price of bitcoin in a matter of days. What do you think?