Tesla invests about $1.5 billion in bitcoin, plans to accept it as payment mode

Electric car maker Tesla has acquired $1.5 billion worth of bitcoin and plans to begin accepting it as a form of payments for its products in the near future, the company disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).

This move comes a week after Tesla chief executive Elon Musk said bitcoin was “on the verge” of being more widely accepted among investors, expressing support for the cryptocurrency. Musk has often tweeted his support for cryptocurrency and had recently added “#bitcoin” to his Twitter bio for few weeks, which pushed the Bitcoin price by 14%.