Tesla Invested 1.5B In Bitcoin | 6 Facts To Know About This HUGE Bet

The news was all over the place, Tesla had just invested 1.5 Billion worth of Bitcoin, and everybody was surprised (?) by the uncommon, to say the least, move made by Elon Musk. Sure, it´s not the first time that Tesla´s CEO surprises us with bold and controversial decisions, but this time is a big one. Tune in to know the 6 facts behind this risky bet!

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Tesla Invested 1.5B In Bitcoin | 6 Facts To Know About This HUGE Bet

In its annual report, Tesla said that the corporate board has approved the bitcoin investment and therefore the bitcoin payment would be “subject to applicable laws.” within the near future.

“In the report, Tesla said its board approved an amended investment policy in January to provide “more versatility to further diversify and optimize returns on their capital. If it begins accepting it for payments, the $1.5 billion value of bitcoin would give Tesla liquidity within the cryptocurrency.
It is expected that accepting Bitcoin as payment would involve further regulatory oversight as governments are already wary of using cryptocurrencies for concealment or evasion.

The use of bitcoin as a payment mechanism could complicate the accounting process but doesn’t imply avoiding taxation on crypto-based transactions, “Bitcoin creates a really rich and detailed forensic trail of transactions.

Tesla might be under investigation by the Financial Crimes Compliance Network, a division that oversees crypto exchanges under the Department of Treasury, and therefore the EV manufacturer could even be forced to disclose suspicious transactions to regulators.

Tesla isn’t the primary organization to embrace bitcoin as a payment method. Years ago, tech giant Dell, furniture firm Overstock, and travel website Expedia began accepting bitcoins. “The U.S. has built “appropriate legal infrastructure” to watch investment and transactions in bitcoin, as long as businesses like Tesla “comply with all regulatory requirements and make the specified disclosures,” Hinkes said.

Musk is understood to be an innovator through SpaceX linked to electric cars, batteries and space exploration, but one among his early investments was in payments.

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