Tesla invests $1.5 billion in bitcoin, cryptocurrency to be approved for payment

Tesla, the world’s famous and largest electric car manufacturer, has invested $ 1.5 billion in cryptocurrency bitcoin. Let me tell you that Tesla founder Elon Musk has made such a huge investment in digital currency under a particular policy. The company plans to soon approve digital currency payments for electric vehicles. Tesla on Monday revealed its new strategy in a filing with the US Securities and Exchange Commission.

Bitcoin boom

Let us tell you that the virtual currency bitcoin has risen by 14 percent. Its prices have risen sharply during the past years. In the middle there was some drop in bitcoin prices, but then it is at the height. At the same time, Tesla shares are also at a height. The company said in its fourth quarter report that it had $ 19.4 billion in cash available.

Also Check: Vijay Mallya to get £1.1 million for legal and other expenses, approval from London High Court

Bitcoin usage is increasing

The use of Bitcoin is now increasing. It is a virtual currency, but has been approved for transactions on many digital platforms. PayPal has also approved transactions through bitcoins on its platform. This means that Bitcoin can be used for payment in any kind of transaction through PayPal.

No guidelines in India regarding bitcoin

No guidelines have been set regarding cryptocurrency in India yet. In 2018, the Reserve Bank of India (RBI) issued a circular regarding cryptocurrency. In this, any type of transaction involving cryptocurrency was banned. After this the matter went to the Supreme Court. In March 2020, the Supreme Court rejected the ban imposed by the Reserve Bank on cryptocurrencies. At present, one can invest in cryptocurrency in India at their own risk, as there is no regulatory authority for this.