Home topics Image credit: Clifford Photography Emerging Tech Finance Industry Finance Emerging Tech Bitcoin price soars after Tesla bets big on the cryptocurrency Guillermo Troncoso February 9, 2021 Worshippers at the house of Bitcoin are likely looking to Elon Musk as a heaven-sent blessing today, as the price of the usually unstable cryptocurrency surged following a big Tesla announcement. On Tuesday morning, electric vehicle and clean energy company Tesla unveiled its annual report, and buried there, without any sort of major announcement, was information that Tesla had decided to invest around $US1.5 billion ($AUD1.9 billion) in Bitcoin. In the company’s filing with the Securities and Exchange Commission , Tesla said the investment was “to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.” That was certainly more than enough to drive up Bitcoin shares, but Tesla had something else in store: “Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future.” Yes, Tesla is now the first major automaker to accept Bitcoin as payment; apparently an entry-level Tesla Model 3 could set you back around 0.88 bitcoins at the currency’s current value. RELATED: ‘Spill the beans’: Elon Musk goes in on RobinHood CEO following GameStop trading debacle The price of Bitcoin shot up past $56,000 and, for a brief moment, hit its highest point thus far. In the past year alone, Bitcoin’s price has risen over 330