Tesla has acquired $1.5bn in BTC as the currency's rally continues, pegged by institutional investment and diminishing skepticism for the asset's long-term prospects.
The price of bitcoin soared by approximately 7% as the news broke today, taking the value back up to more than $40,000 per coin.
In a statement to the US Securities and Exchange Commission, the firm said that purchasing Bitcoin would allow it to diversify its asset portfolio and become more flexible when it comes to investment opportunities.
However, this is not the only news Tesla revealed, and the car maker is now looking to start accepting payment in Bitcoin, meaning you can take your BTC tokens and purchase a brand-new Tesla just like that.
Tesla CEO Musk has also been adding fuel to the frenzy around Dogecoin recently, but he has since revealed that he was mostly joking.
Musk's endorsement plus zeal from WallStreetBets, a Reddit sub-forum, has been enough to give Dogecoin a good jumpstart with the currency now edging closer and closer to $0.10, a significant jump from its meager $0.014 a few weeks ago.
After PayPal endorsed Bitcoin, Tesla’s investment is the second massive boost the currency has enjoyed, signaling once and for all that BTC may be here to stay and reach its creators' lofty aspirations after all.