Tesla has acquired approximately $ 1.5 billion in Bitcoin. This has been done under an investment policy of the company producing electric cars led by Elon Musk. The company’s plan is to start accepting digital currency as payment for vehicles soon. The California company revealed the new strategy in a filing with the US Securities and Exchange Commission on Monday. He said that his investment in digital currency and other reserve assets may increase.
Bitcoin surged 14 percent and reached its all-time high for some time. Tesla shares also went up. In its fourth quarter earnings report last month, Tesla said it had $ 19.4 billion in cash.
Cryptos like BitCoin are virtual currency
Cryptocurrencies like bitcoin are a type of virtual currency. It is used for any kind of transactions like other types of currencies such as dollars or rupees. Its use is increasing rapidly. PayPal has approved transactions on its platform through Bitcoin, ie payments can be made in Bitcoin for any type of transaction through PayPal.
There are no set guidelines regarding cryptocurrency in India yet. Three years ago, the Reserve Bank of India (RBI) issued a circular regarding cryptocurrency in 2018. According to this circular, the central bank was banned from providing any services related to cryptocurrencies to regulated entities. After this, the case went to the country’s largest court, the Supreme Court. The Supreme Court rejected a ban imposed by the RBI on cryptocurrencies in March 2020 last year. Since then, investment in Bitcoin in India is entirely at the risk of investors because there is no regulation related to it here.