Elon Musk announces Tesla is now accepting bitcoin for payments.

Elon Musk revealed Tesla is now accepting Bitcoin for payments. Furthermore, the company will retain the BTC received instead of converting it for fiat.

The world’s leading Electric Vehicle manufacturer Tesla is now accepting bitcoin payment for its vehicles as soon as the announcement saw daylight. In a series of tweets, Tesla CEO Elon Musk announced that customers could pay for a Tesla vehicle with the leading cryptocurrency bitcoin. Elon Musk added that the bitcoin paid for the Tesla would not be converted to fiat but rather remain as BTC with the company.

 

Tesla is using only internal & open source software & operates Bitcoin nodes directly.

“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,” Elon Musk tweeted. A screenshot showed that bitcoin was part of the payment options for all its electric vehicle models. As reported earlier, Tesla had bought $1.5 billion worth of bitcoin back in mid-January 2021. At the time, the company announced that it was looking to start accepting bitcoin for its products.

 

Bitcoin price jumps after Tesla news. 

The price of the leading cryptocurrency gained more than $1,000 in a few minutes after Elon Musk tweeted the latest development. Even earlier, when Tesla announced the purchase of bitcoin, the price of the flagship cryptocurrency reacted positively to the news, reaching a new all-time high (ATH). Once again, Tesla accepting BTC has proved favorable for bitcoin, as the flagship crypto gained $2,000 in a few hours. Elon also added that only customers in the U.S. could pay for a Tesla with bitcoin. Other regions outside of the U.S. would be able to use the new payment method later in this year. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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