Tesla buys $1.5 billion in Bitcoin, will soon accept the currency as payment

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Tesla-Bitcoin

FILE – In this Dec. 21, 2017 file photo, a Bitcoin logo is shown is displayed on an ATM in Hong Kong, Thursday, Dec. 21, 2017. (AP Photo/Kin Cheung, File)

NEW YORK (AP) — Tesla says it has invested more than $1 billion in Bitcoin and will accept the digital currency as payment for its electric vehicles.

In a regulatory filing Monday, Elon Musk’s electric vehicle company said its board approved of the $1.5 billion investment and potentially more in the future.

It said it expected to begin accepting Bitcoin as payment for its high-end cars “in the near future, subject to applicable laws and initially on a limited basis.” It would be the first major automaker to accept the currency.

The digital currency jumped more than 14% on the news, reaching an all-time high of more than $44,000 for one Bitcoin. Shares of Tesla moved higher as well Monday.

CNBC reports Musk’s actions have raised questions about his recent behavior on Twitter. On the platform, the CEO has posted positive messages about Bitcoin, which some say has encouraged others to buy the digital currency, increasing prices.

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