Bitcoin hits record highs as Tesla jumps in, but it's also great news for gold price

(Kitco News) It's a happy Monday for crypto investors as bitcoin surged to new record highs above $44,000 on the news that Tesla not only invested $1.5 billion in bitcoin but also said it would begin accepting the cryptocurrency as a form of payment.

"We expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis," Tesla said in the securities filing.

Tesla said that its $1.5-billion investment would provide "more flexibility to further diversify and maximize returns on our cash," according to the company's filing on Monday.

But the Tesla announcement is great news for gold investors as well. The electric-car maker said that it updated its investment policy to allow not only investment in digital assets, but also in gold bullion and gold exchange-traded funds (ETFs).