Home Business News Elon Musk's buys $1.5 Billion of Bitcoin

Elon Musk’s buys $1.5 Billion of Bitcoin

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.

In a regulatory filing Monday, Elon Musk’s electric vehicle company said its board approved of the $1.5 billion investment and potentially more in the future.

It said it expected to begin accepting Bitcoin as payment for its high-end cars “in the near future, subject to applicable laws and initially on a limited basis.”

The digital currency jumped more than 14% on the news, reaching an all-time high of more than $44,000 for one Bitcoin.