Tesla Buys $1.5 Billion in Bitcoin

Tesla has made one of the largest purchases of Bitcoin and plans to accept it as payment

By: Gabe Rodriguez Morrison

Tesla (NYSE:TSLA) announced Monday that it had bought around 45,000 Bitcoin (BTC:USD) valued at $1.5 billion in order to have “more flexibility to further diversify and maximize returns on cash.” As the dollar loses value due to inflation, companies are looking to Bitcoin to protect their treasury reserve. Tesla is not the first tech company to do so. Earlier last year Square (NYSE:SQ) made a $50 million purchase of Bitcoin and MicroStrategy (NASDAQ:MSTR) now has a total of 70,784 Bitcoin worth upwards of $3 billion in it’s treasury reserve. The bigger question now is, who will be next to add Bitcoin to their balance sheet?