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In February 2021, Bitcoin made a big stride towards mainstream acceptance after Tesla Inc (Tesla), the leading electric vehicle maker in the world revealed that the company had invested around USD1.5 billion for buying the cryptocurrency. Elon Musk (Musk), founder of Tesla also announced the company's decision to accept Bitcoin as a form of payment for the company's products. Tesla's Bitcoin bet pushed the value of the cryptocurrency to an all-time high of more than USD48,000 on the day of the announcement (on February 8th 2021). The investment in Bitcoin was considered as the 'diversification strategy' of Tesla to maximise return from its idle cash reserves. Experts indicated that accepting Bitcoin as a payment might be a clever marketing strategy for the electric vehicle maker. The strategic move might increase the value of Tesla's crypto portfolio. However, analysts also felt that Tesla's entry into the crypto world might clash with its zero-emission mobility strategy. Accepting Bitcoin as a payment might put Tesla under the stringent regulatory watch of the government. Musk was also criticised by the experts for the way he announced the investment in Bitcoin on Twitter. Investment of a mainstream firm like Tesla in Bitcoin had raised some questions regarding the management of the volatility of the cryptocurrencies. Further, Tesla's support for the controversial cryptocurrency compelled the investors to revisit their investment portfolio. Would Tesla's strategic entry into the cryptocurrency market work for the company?