Car Industry

Tesla will accept Bitcoin payments as EV maker invests $1.5B in cryptocurrency

CEO Elon Musk is all aboard the Reddit Dogecoin wagon, but his company apparently has no plans to accept that specific cryptocurrency yet.

Buy a Tesla with Bitcoin? It's happening.
Nick Miotke/Roadshow

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.