Bitcoin News

Tesla Now Accepts Bitcoin As Payments – EtherDesk Exclusive.

Tesla [TSLA] sent bullish waves across the financial markets today on Monday after a U.S. SEC [Securities and Exchange Commission] filing confirmed that the electric vehicle maker now accepts Bitcoin [BTC].

Tesla’s latest Form 10-K filing for the financial year ended 31st Dec. 2020 reveals a $1.5 Bln allocation to Bitcoin. As Bitwise researcher David Lawant outlined, Tesla’s BItcoin exposure represents roughly 7.7% of its gross cash position.

Tesla Now Accepts Bitcoin As Payments - EtherDesk Exclusive.

Tesla Now Accepts Bitcoin As Payments - EtherDesk Exclusive.

He derives those figures from Tesla’s cash and equivalents, which summed a gross of $19.4 Bln by the end of 2020, or $9.8 Bln net of debt and finance leases.

Tesla’s Bitcoin purchase puts it near the highest of the company treasuries list. Just one other company – MicroStrategy – has purchased more of the digital asset as a part of its strategic reserves.

News of Tesla’s participation within the Bitcoin market boosted prices soaring on Monday. As reported, the BTC price hit a high near $45k, easily surpassing its previous peak. Bitcoin’s market capitalization exceeded $800 Bln for the primary time.

Additionally, to list BTC, Tesla plans to simply accept the digital asset as a mode of payment. What’s more, the BTC it receives won’t be liquidated for cash but added to its reserve.

Tesla is spearheading Bitcoin adoption at an important time within the market. Given Elon Musk’s propensity to maneuver markets, Tesla’s newfound Bitcoin exposure could hasten retail adoption within the short term.

Bitcoin has also piqued the interest of huge corporations. Microstrategy’s Bitcoin-buying webinar last week registered over 1,400 signups.

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