Tesla invests 1.5 billion dollars in Bitcoin


Headed by world’s richest person Elon Musk, Tesla has recently invested a huge amount of money in cryptocurrency Bitcoin. It has also expressed its plan to accept Bitcoin as a payment mode for its products in the future.

Now, for the people new to Bitcoin, it is a virtual/digital currency (like online version of cash) and can be used like real money to buy products and services. However, it is not widely accepted and some countries have banned it, including India.

After Tesla invested such a huge lump of money, the shares of Bitcoin surged 15% to all time high value of more than 44000 US Dollars.

The investment signifies that the cryptocurrency has a huge potential to be accepted by the world. Some other companies who owns bitcoins are Microstrategy (71079 Bitcoins), Square (4709 Bitcoins) and the companies which accept Bitcoins as payments are Microsoft, AT&T, some branches of Pizza hut and subway in the US and Venezuela.

In india, Reserve bank of India (RBI) banned cryptocurrencies and prohibited all the banks to allow its trade in April 2018. In March 2021, Supreme Court termed the curb as illegal. As of now, the Inter-ministerial Committee recommended a ban on all private cryptocurrencies and decided that the Government will issue its own version of cryptocurrencies.