The document released by Tesla said; “We updated our investment policy to provide us with more flexibility to further diversify. And maximize returns on our cash that is not required to maintain adequate operating liquidity,”
Tesla has bought $1.5 Billion Bitcoin after updating the company’s investment policy to promote digital assets, a filing is done under SEC (Security Exchange Commission). This is definitely a risky move for a company or for the world’s richest man Elon Musk to make such a big investment in the times like these. The price of Bitcoin has risen nearly $8000 or say 18.75% in just a day time after the announcement made by Tesla.
But some investors fear that going all crypto could damage its climate bonafide and its reputation among the existing customers. In fact one of them even said; the company’s move can be another example of absurdity in the US investment market.
Moreover in India, the government is planning on bringing a bill to ban the use of private cryptocurrencies. The government is planning to introduce a central bank digital currency regulated by the Reserve bank of India (RBI).
A Delhi University graduate, paving her way in the world of writing. An optimist, creative, and go-getter. Loves to read, research, and write about different topics in technology or cryptocurrency, and serve them to the readers in the most meaningful way possible.