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Tesla purchases $1.5 B in Bitcoin, will accept as payment in the currency soon

Tesla has actually spent approximately $1.5 billion in Bitcoin and said it plans to begin accepting the digital currency as payment for it high-end vehicles soon. The price of Bitcoin soared 15% to above $43,000 Monday morning. The California-based electric automobile producer led by Elon Musk divulged the new strategy in a filing with the U.S. Securities and Exchange Commission, saying its investment in digital currency and other "alternative reserve assets" may grow. Bitcoin increased to $43,863 and briefly hit a new all-time high. Shares of Tesla moved higher. In its fourth-quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion. Dan Ives of Wedbush Securities said the move gives Tesla "more flexibility to further diversify and maximize returns on its cash." Palo Alto-based Tesla reported its first annual net profit in 2020, and its stock soared to make it the world's most valuable automaker. Tesla joined the S&P 50...