Bitcoin soars after Tesla buys $1.5 billion worth of the cryptocurrency

February 9, 2021

Tesla said it will soon be accepting Bitcoin as a form of payment for its cars.

Elon Musk has openly admitted to being obsessed with cryptocurrencies. It comes as no surprise, then, that his company, Tesla, just bought $1.5 billion worth of Bitcoin. After this big purchase, the value of bitcoin spiked and investors were excited about yet another major company entering the Bitcoin-arena. Tesla has indicated that they will soon be allowing clients to pay for their cars and other products with Bitcoin. Commenting on the purchase, Elon Musk admitted that the investment is risky, but the decentralised model is more appealing to him than the potential risks.