Bitcoin News

Elon Musk Says You Can Buy Tesla with Bitcoin

Elon Musk, the CEO of Tesla, has unveiled that consumers can now buy Tesla vehicles with Bitcoin. He made this announcement on his Twitter account. The news arrives after Tesla announced its first acquisition of $1.5 billion worth of Bitcoin. As per the official announcement by Elon Musk, crypto users are allowed to purchase Tesla products, involving Model S, Model 3, Model X, Model Y, Cybertruck, and several other products via the world’s leading cryptocurrency, Bitcoin.

The latest notification by Musk took to Twitter by storm as the CEO of Tesla has approximately 50 million followers. The tweet went viral quickly, with above 15,000 retweets in a matter of minutes. However, these payments are only possible in the U.S. but will be accessible in numerous countries later in the year. The most fundamental Model S costs $78,490. Thus even for the most affordable option, you’ll spend a little over 1 BTC as the prevailing price remains at $55,149. While it may appear like a trick, as payment in Bitcoin usually involves exchanging to fiat on the other end, Musk is sure that this won’t be the case with Tesla. 

Tesla to hold Bitcoin Payments rather than converting to Fiat

Elon Musk, in his tweet, said that Tesla is employing only internal and open source software and operates Bitcoin nodes undeviatingly. He further elaborated that Tesla will retain the Bitcoin payments instead of converting to fiat currency. This is a serious responsibility as it implies that it will receive the correct amount initially. Nevertheless, if the market decline or even crash, these payments will be counterproductive. However, as Tesla has previously purchased Bitcoin, these will likely serve more as extended bitcoin investments.  

This decision by Musk’s company is unsurprising. He has been amazingly frank regarding his support for Bitcoin and other cryptocurrencies. The approval of Bitcoin for electric vehicle acquisitions by Tesla will increase Bitcoin use cases and boost cryptocurrency awareness. Bitcoin jumped approximately 5% after the declaration by the Tesla CEO. The digital currency is now trading near $56,000, with a total market cap of more than $1 trillion.

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