Elon Musk

NEW YORK (AP) — Tesla says it has invested more than $1 billion in Bitcoin and will accept the digital currency as payment for its electric vehicles.

In a regulatory filing Monday, Elon Musk’s electric vehicle company said its board approved of the $1.5 billion investment and potentially more in the future.

It said it expected to begin accepting Bitcoin as payment for its high-end cars “in the near future, subject to applicable laws and initially on a limited basis.”

The digital currency jumped more than 14% on the news, reaching an all-time high of more than $44,000 for one Bitcoin. 

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