, Columnist
Tesla Buys Bitcoin. We Should Have Seen It Coming.
Elon Musk tweets, Tesla buys Bitcoin — this is what inevitability looks like.
No surprises here.
Photographer: Liesa Johannssen-Koppitz/Bloomberg
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Tesla bought Bitcoin. It feels as if that sentence should properly begin with “Imagine if ...” and a wry chuckle. But no. Imagine no longer.
Tesla Inc.’s annual report disclosed the electric-car maker updated its investment policy last month and then bought $1.5 billion of the crypto. That news added roughly $5,000, or 14%, to said crypto on Monday morning, sending it to an all-time high. Tesla’s own stock rose about 3%, adding roughly $11 billion in market cap, because — well, probably because of this. I don’t know.