The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Tesla’s bitcoin embrace drives future earnings volatility

Crypto enthusiasts have hailed the electric car company’s announcement it will accept payment in bitcoin as a ringing endorsement – but not everyone is convinced.

Elon Musk Speaks At Satellite Conference In Washington, DC
Crypto influencer. Elon Musk's Tesla Inc has announced it is buying bitcoin to manage surplus cash
Getty Images

On Monday, Tesla revealed that it had invested $1.5 billion in bitcoin as part of its efforts to diversify and maximize returns on surplus cash.

Just to give a little kicker to its own investment, the company also said that it expects to begin accepting bitcoin as payment for its cars in the near future, subject to applicable laws.

Chief executive Elon Musk has become a crypto influencer, discussing bitcoin with other CEOs on Twitter, declaring himself a supporter of it on the Clubhouse chat app and recently endorsing Dogecoin as “the people’s crypto”.

Its price doubled the day after Musk tweeted the single word “Doge”.

The 10-K filing with the US Securities and Exchange Commission made no mention of any personal account dealing in bitcoin by Tesla staff. Rather, it emphasized that this new policy has been approved by the board’s audit committee.

The price of bitcoin shot up from $39,000 to $46,000 on the news.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree