When did Tesla buy bitcoin?

I’m doing a report about crypto turbulence and I want to talk about the time that Tesla bought tons of bitcoin. Can you tell me when that happened?

Mary Cahill · Answered on Dec 20, 2022

Reviewed by Shannon Martin, Licensed Insurance Agent.

Ah, yes the mysterious reputation of bitcoin. In February 2021, Tesla CEO Elon Musk invested in $1.5 million bitcoin and hailed it as the future of currency. For a moment there, you could even use bitcoin to buy a Tesla vehicle.

Tesla’s announcement caused the value of bitcoin to go through the roof, but it didn’t last. By mid-2022, Tesla had shed 75% of its bitcoin wealth—which translated to about $936 million of the popular cryptocurrency.

Bitcoin hit a record high in November of 2021—a single bitcoin was valued at $69,000 back then. Currently, a single bitcoin is worth just over $17,000.

Tesla has not rekindled its romance with cryptocurrency. Nowadays, if you want to buy a Tesla Model S, Model X, or Model 3, you’ll need to use a less elusive form of payment—like a debit card for example.

MORE: Car loan for Tesla 2022

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