Major Electric Vehicle manufacturer Tesla is now accepting bitcoin payment for its vehicles. As soon as the announcement saw daylight,
In a tweet thread on Wednesday (Mar. 24, 2021), Tesla CEO Elon Musk announced that customers could pay for a Tesla vehicle with bitcoin.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Elon added that the bitcoin paid for the Tesla would not be converted to fiat, but rather remain as BTC.
“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.”
A screenshot showed that bitcoin was part of the payment options for all its electric vehicle models.
The latest development comes after the company bought $1.5 billion worth of bitcoin back in January 2021. At the time, Tesla said that it was looking to start accepting bitcoin for its products.
Following Tesla’s bitcoin buy, 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. can pay for a Tesla with bitcoin. Other regions outside of the U.S. would be able to use the new payment method later in the year.
As soon as the tweet saw daylight, Bitcoin’s price reacted positively.
The cryptocurrency gained more than $1,000 in a few minutes.