We'll start by once again reminding you that InsideEVs is not a financial website. In fact, we aren't seasoned investors, we don't pretend to understand the stock market, and we certainly don't follow or understand the cryptocurrency movement.

With that said, now that Tesla has invested in bitcoin, and plans to start accepting it as payment, we'll have to do our homework. A recent article by Reuters, shared by Autoblog, dives into the whole bitcoin situation in more detail. We feel it's a good starting point for folks like us, and probably many of you, who are interested in the topic.

If you didn't read the news, Tesla converted $1.5 billion of its $19 billion into bitcoin. Of course, this caused bitcoin to soar to new heights. It seems whenever CEO Elon Musk tweets about something related to finance, people react quickly, and markets move. While bitcoin is an investment in Tesla's future, it's also the first step in allowing Tesla shoppers to use bitcoin to pay for its cars and products.