According to SEC filings, the firm acquired $1.5 billion worth of bitcoin with cash from its balance sheet. The firm wrote that they wanted “more flexibility to further diversify and maximize returns on our cash.” Tesla was also revealed to be looking into accepting the digital asset for its vehicles and products, which is something that many in the cryptocurrency space have long requested.
While this was arguably the biggest endorsement of bitcoin to date, Tesla and Elon Musk were rather quiet about this move.
In a response to a tweet from Bloomberg where Binance’s CEO Changing Zhao (CZ) discussed Tesla and Musk’s involvement in Bitcoin, Musk wrote that he thinks Bitcoin is “simply a less dumb form of liquidity than cash” right now.
Musk also reiterated an older statement that “Bitcoin is almost as bs as fiat money,” this time adding, ‘the key word is ‘almost’.”