Elon Musk’s Tesla Sent The Price Of Bitcoin Through The Roof With A Massive $1.5 Billion Buy After Spending Days Pumping Dogecoin

Elon Musk just sent the price of another cryptocurrency soaring, but this time, he’s not joking around. Tesla announced on Monday morning that it has invested $1.5 billion into Bitcoin, causing the price to reach a record high of $43,725.51. It was a bold move by the electric car company as it lays down future plans to accept the crypto coin as payment. Via Bloomberg:

The electric-car market leader said in a filing Monday that it made the bet on Bitcoin after updating its investment policy last month to allow the company to invest in digital assets as well as gold bullion and gold exchange-traded funds. “We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis,” Tesla said in the securities filing.

Last week, Musk caused waves in the crypto world by pumping up DogeCoin, which was a joke currency created to mock Bitcoin. However, it’s popularity and price rose significantly during the GameStop stock surge thanks to Musk repeatedly posting memes about the coin. That said, Musk has since clarified that his non-stop Doge posting is just for laughs, and he knows the real money is in Bitcoin.

“Speaking on social audio app Clubhouse on Feb. 1, Musk said he’s a supporter of Bitcoin and thinks it’s ‘a good thing.’ He added that his comments on Dogecoin were meant as jokes,” Bloomberg reports.

Doge saw another spike in price thanks to Snoop Dogg and Gene Simmons tweeting about the coin, and of course, Musk couldn’t resist jumping in. Despite Tesla’s massive investment in Bitcoin, Musk is still going hard on the Doge memes on Twitter.

(Via Bloomberg)