Bitcoin jumped to another historical record at $44,000 on Monday after Elon Musk’s Tesla revealed it had invested $1.5 billion of the cryptocurrency and would soon accept it as a form of payment.
This amounts to 10% of Tesla’s cash reserves, and is the largest corporate purchase of bitcoin ever.
In addition to the bitcoin purchase, Tesla expects to begin accepting bitcoin as a form of payment for its products “in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
The moves raise questions around CEO Elon Musk’s recent behavior on Twitter, where he has been credited for increasing the prices of cryptocurrencies like bitcoin and dogecoin by posting positive messages that have encouraged more people to buy the digital currencies.
