The CEO of Tesla, Elon Musk, invested $1.5 billion into Bitcoin.

According to an SEC filing today, the world’s richest man has purchased Bitcoin worth $1.5 billion in January. No sooner than the news of the purchase published, the price of Bitcoin spiked passing, $43,000, and managed to set a new all-time high of $ 44,700 as of press time of this article. The price of Bitcoin before the news was hovering around $39,000. The SEC filing said;

“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term,”

According to Coingecko, Bitcoin is up by 15.7% in the last 24 hours and 345% up in the last 365 days. As a measure to maximize the returns on cash on hand, Tesla has updated its investment policy as per the recent filing. But they will mainly invest in Bitcoin.

BitcoinFT reported a month ago about Michael Saylor’s offer made to Elon Musk. He invited Musk to convert Tesla’s balance sheet from USD to BTC. Musk replied saying “are such large transactions even possible.” Musk recently said that he is a supporter of Bitcoin. He even added #Bitcoin into his Twitter bio.

“I am late to the party but a supporter,” he told his audience at the Clubhouse. “Bitcoin is on the verge of getting broad acceptance by traditional finance people.”

Glassnode reported the supply of Bitcoin on exchanges fell to 2.3 million BTC.

Ki-Young Ju, CEO of on-chain analysis firm, made a “speculative guess,” about an outflow of 30,000 Bitcoin from Coinbase. He said it could have been Tesla buying Bitcoin.

Musk’s View on Dogecoin

Musk is famous for his recent tweets about cryptocurrency Dogecoin. With him tweeting about the token, the price of the Dogecoin spiked significantly.

Elon’s memes and posts on tweeter were mainly about Dogecoin. He said it will be the future currency of earth. After all, Elon is putting his bet on Bitcoin following other institutional investors.