Bitcoin BTC

Tesla starts accepting Bitcoin for its cars: Elon Musk

  • Customers can now pay for Tesla using Bitcoin
  • The option is available to US customers only at the moment
  • Tesla intends to hold the bitcoins rather than sell them

Bitcoin’s adoption continues to spread as more companies are accepting it as payment for goods and services. There have been arguments regarding why Bitcoin is not a good medium of exchange but rather a store of value. However, several companies continue to accept it as payment, and Tesla now joins the ranks.

You can now buy Tesla with Bitcoin, says Musk

Tesla founder and CEO Elon Musk revealed earlier today that people can now buy their electric cars using Bitcoin. He revealed this in a tweet earlier today, stating that “You can now buy a Tesla with Bitcoin.”

This information was first released earlier this year when Tesla announced that it purchased $1.5 billion worth of bitcoins. The company revealed that it would start accepting the leading cryptocurrency as payment for its cars, but it didn’t disclose when it would start doing so.

Musk has now revealed that his company would start accepting BTC payment. He revealed that the company doesn’t have any intentions of converting the bitcoins to cash. He stated that “Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

Tesla adds BTC options to its store

The announcement came after Twitter users began noticing the support for bitcoin as a payment option in Tesla’s United States stores. The Bitcoin payment option is available for all models of Tesla’s electronic cars.

The CEO stated that the Bitcoin payment option is available to people in the United States and will soon be made available to customers in other regions. Tesla told users that the company is supporting Bitcoin at the moment and no other cryptocurrency. Potential buyers are required to send the exact amount of bitcoins for their orders in a single transaction.

Bitcoin’s price is currently trading above the $56k mark, but this news is a welcomed development to the cryptocurrency space.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.