Bitcoin (BTC) Shoots 4.5% As Tesla Starts Accepting Bitcoin Payments, Won’t Convert to Cash

World’s largest automobile company Tesla is once again here to rescue Bitcoin (BTC) from falling further. An hour back, Tesla boss Elon Musk tweeted that the company has started accepting Bitcoin payments against the purchase of any Tesla model.
The announcement was enough to push Bitcoin’s (BTC) price 4% northwards. As of writing this story, the BTC price is trading at $56,139 with a market cap of $1.047 billion. Elon Musk said that Tesla will operate the Bitcoin nodes directly while using its internal; and open-source software. Besides, another bullish indicator is that the company plans to retain its Bitcoins received as payments instead of converting them to cash.

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 (@elonmusk) March 24, 2021

This shows how bullish Tesla is on its Bitcoin (BTC) bet and the future of the world’s largest cryptocurrency. Last month in mid-February 2021, Tesla made the official announcement of purchasing $1.5 billion worth of Bitcoins at the price of around $33K.
Tesla Leading the Corporate Bitcoin Movement
Tesla’s entry into the Bitcoin market has also sparked major corporate interest as big companies are mulling to move part of its balance sheet to BTC. Interestingly, Tesla has already made more than $1 billion in returns from its Bitcoin bet in a month’s time, which is more than the company’s total earnings for the last year.
The company has already said that …
Story continues on CoinGape

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