Tesla has bought $1.5 billion worth of Bitcoin and announced that they plan to accept it as payment on their products. This follows the trend seen in the Twitter accounts of Elon Musk, the Tesla CEO, posting positive tweets about cryptocurrency what have caused their prices to go up significantly. The company had more than $19 billion in cash and cash equivalents at the end of 2020 and this investment marks a significant portion of that total. Following the announcement, Bitcoin prices surged to new highs reaching a price of at least $44,200 with Tesla’s shares also experiencing a 2% increase. Warnings were made about its volatility but due largely to Elons posts on social media platforms it continues to rise.
