Customers can now buy their new Tesla with Bitcoin, Elon Musk said on Twitter, keeping the promise he made in early February.
A good deal for the American brand! Tesla added that the automaker will keep Bitcoin payments as Bitcoin and will not convert them to a more conventional currency. At the moment, the ability to buy a new Tesla in Bitcoin is limited to the US market only, but the service will be available in other countries later this year. Bitcoin’s price rose more than 4% after Musk’s announcement and is now trading at $ 56,054 at the time of writing.
Tesla will continue to be sold in US dollars of course, so customers will be able to pay the equivalent in Bitcoin. Due to the volatility of the cryptocurrency, customers will have to pay the requested amount within a given time frame. Tesla revealed last month that they had invested $ 1.5 billion in Bitcoin without revealing exactly when. Prices back then for the cryptocurrency were around $ 33,000, which means Tesla’s investment has risen in value by around $ 1.2 billion today. Almost double!
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Bitcoin, the future currency of the automotive industry?
Other mainstream companies that accept Bitcoin as payment, such as AT&T and Microsoft, typically use specialist payment processors that convert cryptocurrency into fiat currency, Reuters reports.
Musk has been a proponent of cryptocurrencies like Bitcoin and Dogecoin despite their poor environmental credentials, criticizing conventional currencies that would have “A real negative interest, only a fool would not look elsewhere”. Understand that according to Musk, Bitcoin could be the future of money. It’s hard to believe it at a time when Bitcoin scares more people than it attracts.