Tesla Buys $1.5B in Bitcoin as the World’s Biggest Custody Firm Comes to Crypto

The Big Idea A couple of weeks ago, Elon Musk changed his Twitter bio to a single word — Bitcoin — and tweeted “In retrospect, it was inevitable.” On Monday, the whole world woke up to an explanation — the explanation the entire crypto world had been hoping for. Over the last month, Tesla purchased $1.5B worth of Bitcoin, representing 7.7% of their net cash reserves. In addition, they stated that people would soon be able to use the cryptocurrency to purchase Tesla vehicles.