Feb. 8 (UPI) -- Electric vehicle and energy company Tesla said Monday it has invested $1.5 billion in bitcoin and will soon accept the cryptocurrency as payment for some of its products.
The company, founded and headed by entrepreneur Elon Musk, detailed the policy change in a regulatory filing.
"We updated our investment policy to provide us with more flexibility," Tesla wrote in the filing with the Securities and Exchange Commission.
"As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy."
Tesla said it expects to accept bitcoin payments "in the near future."
"I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin," Musk said last week.
The value of one bitcoin reached all-time highs on Monday after Tesla's filing. Early Monday, the value of one bitcoin rose to nearly $44,000, up from about $30,400 at one point in late January.