According to a data from bitcointreasuries.org, Tesla Inc.’s announcement that it has invested $1.5 billion in Bitcoin has made the electric car producer the second-largest publicly traded digital currency holder.
“In the near future, subject to applicable laws and initially on a limited basis, we expect to begin accepting Bitcoin as a form of payment for our products,” Tesla said in a regulatory filing.
The Palo Alto, California-based retailer trails Michael Saylor’s MicroStrategy Inc. with its $3.1 billion bitcoin hoard. Saylor, who was a vocal proselytizer for Bitcoin, conducted a webinar earlier this month in which he said that over 1,400 companies had signed up for a workshop on the ethical considerations of owning a digital currency.
Saylor said at the virtual summit that attracted industry participants from at least 16 countries, including Israel, Switzerland, Brazil, Iceland, Ireland, Italy, and Portugal, “If the organization has money on its balance sheets and is sitting in fiat currencies such as euros and dollars, they are losing about 15 percent of their buying power last year”.
He also mentioned that Converting some of the cash into Bitcoin is the fast alternative. No other publicly-traded company monitored by the website keeps in its coffers more than $720 million in Bitcoin.
The top five corporate holders are Michael Novogratz’s Galaxy Digital Holdings, Marathon Patent Group Inc., and Jack Dorsey’s Square Inc. The price of Bitcoin jumped as much as 16 percent on the news of Tesla’s investment to a record $44,795.