Tesla Invests In Bitcoin And Provokes A Rise In The Value Of Bitcoin

Tesla, the world's seventh largest company by market capitalization, has invested $1.5 bln, or 7.7% of its gross cash, in bitcoin. The company has also expressed interest in accepting bitcoins for future car purchases, which will continue to be added to its balance sheet according to the latest report from the US Securities and Exchange Commission.

Following the announcement, Bitcoin, the largest digital asset by market capitalization, hit a record high of nearly $48,000, and Bitcoin's market capitalization surpassed $800 bln for the first time.

Tesla's Bitcoin purchase puts the company at the top of the list of corporate treasuries. Only MicroStrategy has acquired more digital assets as part of its strategic reserves.

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