Tesla, whose CEO Elon Musk has been tweeting in support of bitcoin and dogecoin, confirmed on Monday, Feb. 8 that the company has invested $1.5B in bitcoin and will accept the cryptocurrency as a payment method in the future.

Why should we care?
According to a Securities and Exchange Commission filing, investing in bitcoin would add more flexibility to diversify and maximize returns on the company’s cash. Tesla says it will begin accepting bitcoin payments subject to applicable laws, and on a limited basis. Bitcoin prices surged in the aftermath of the announcement, rising to an all-time high of $44,795.20. Tesla’s openness to bitcoin is the latest indication of a “mainstreaming” of the digital currency in the traditional business and finance world. Musk’s tweets in support of bitcoin have also sharply driven up its value. He added #bitcoin to his Twitter bio in late January, and says the cryptocurrency is “on the verge of getting broad acceptance by conventional finance people.” Musk’s tweets have also been driving up the value of cryptocurrency dogecoin. Musk’s ability to move markets with his Twitter posts is worrying some investors, who suggest regulators should keep a close watch.