Bitcoin Hits New ATH Above $42,900 As Tesla Announces $1.5 Billion BTC Purchase

Bitcoin gets the rocket fuel as BTC smashes past $42,600 levels upon Tesla announcing its $1.5 Billion Bitcoin purchase. After fueling the DOGE rally over the weekend, its Elon Musk once again that has taken the Bitcoin community by storm.

The world’s richest man has endorsed Bitcoin quite a few times over the last few weeks. A week back, Elon Musk also changed his Twitter handle to #bitcoin raising speculation of his entry into Bitcoin.

In its recent SEC filing, Tesla has disclosed its latest Bitcoin purchase. The filing states:

“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term”.

The Bitcoin Price is 9.84% high as of writing this story trading at $42,938 levels with a market cap of $791 billion. Tesla’s entry into Bitcoin space has helped to break the resistance ceiling of the previous ATH and once again enter into the price discovery mode.

Tesla to Accept Bitcoin Payments on Car Purchases
The great news is that in addition to adding Bitcoin to its reserves, Tesla is also planning to accept payments in BTC against its car sales. The filing states:

Read more: CoinGape

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