Tesla now allows payment with Bitcoin (BTC)

Super-bullish! Tesla now allows payment with Bitcoin (BTC)

Tesla CEO writes in a tweet that individuals in America can now buy the electric cars with Bitcoin.

You can now buy a Tesla with Bitcoin. You’re reading that right and it’s not a rumour, even the first of April is still away. The info comes Bitcoin Trader directly from Tesla CEO Elon Musk himself.

You can now buy a Tesla with Bitcoin
– Elon Musk (@elonmusk) March 24, 2021

In a tweet, the Tesla CEO wrote that potential car owners can buy the world-famous electric vehicles with Bitcoins, the world’s largest digital currency.

Musk added that Tesla would only use internal and open-source software and would run its own Bitcoin nodes directly. As such, any BTC paid to Tesla by users would be retained as Bitcoin and not converted into fiat currency – as is the case with other fiat-to-Bitcoin product purchases.

This means that unlike most other purchases of real assets such as real estate, watches or yachts, Tesla continues to hold the Bitcoin received on its books, rather than accepting BTC and paying it out immediately in dollars (or other fiat currencies).

While the above is currently only available to US residents, Musk meanwhile said that car buyers in other countries will soon be able to buy a shiny new Tesla with BTC too. That should be made possible later this year, he said in another tweet.

On the back of Tesla’s $1.5 billion purchase

Musk, officially the „technoking of Tesla“ at the car company, has known Bitcoin for a while. He’s been making memes about the currency (and the meme coin Dogecoin) for months, and even oversaw Tesla’s mammoth purchase of Bitcoin for its own books.

Tesla has bought up over $1.5 billion worth of Bitcoin, much like business analytics firm MicroStrategy (which owns over 90,000 BTC, according to records).

Tesla said, according to a US Securities and Exchange Commission (SEC) report, that it added Bitcoin to its treasury to hedge against inflation and find returns in an outperforming, globally accepted and liquid asset class.