CEO Elon Musk is all aboard the Reddit Dogecoin wagon, but his company apparently has no plans to accept that specific cryptocurrency yet.
Tesla announced Monday that it will soon offer another way to pay for its electric cars : Bitcoin. The carmaker also said it's made a $1.5 billion investment in the cryptocurrency , according to its Securities and Exchange Commission filing for 2020.
News on Tesla's investment pushed Bitcoin's value up nearly 13% as of this writing Monday. While the automaker didn't lay out explicit timeline for when you'll be able to snap up a Tesla with the cryptocurrency, the policy will extend to other products from the company as well. The closest we get to a timeframe in the filing is sometime in the "near future."
Tesla's move to "hold digital assets from time to time or long-term" to maximize cash returns comes while CEO Elon Musk is all-in on Reddit's recent move to target another cryptocurrency: Dogecoin. The cryptocurrency began as a joke, but last week Musk threw his support behind it on Twitter. With just one word, "Doge," the currency rocketed upward by more than 50%. To be clear, Tesla made no mention of accepting Dogecoin in the SEC filing.