Now Buy a Tesla with Bitcoin: Tesla CEO Elon Musk
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Now Buy a Tesla with Bitcoin: Tesla CEO Elon Musk

March 24, 2021      Deepshikha Gupta

E-car manufacturer, Tesla is ready to accept Bitcoin as an alternate mode of payment. According to the latest tweet by CEO Elon Musk, Tesla will accept Bitcoin in exchange for their products. The move marks a new milestone for cryptocurrency’s adoption. 

Elon Musk Announces to Accept Bitcoin for Tesla

That official announcement on Twitter marks Tesla as the first major automaker to start accepting payments in Bitcoin in exchange for its products.

“You can now buy a Tesla with Bitcoin,” Musk said in a tweet. He also expects the launch of Pay by Bitcoin capability in other parts of the world later this year.

Musk further added that “The Bitcoin paid to Tesla will be retained as Bitcoin, and will not be converted to fiat currency. Tesla is using only internal & open source software & operates Bitcoin nodes directly.”

So now, the whole fleet of the company’s electric cars that includes Model 3, Model S, Model Y, and Model X can be purchased with the help of the first digital currency. The company announced in early February that it would start accepting Bitcoin as a form of payment for its products in its 10-K report with the U.S. Securities and Exchange Commission. 

According to Tesla, the purchase of Bitcoin adds “more flexibility to further diversify and maximize returns on our cash.” Tesla also added that it will start accepting payments in Bitcoin in exchange for its products – subject to applicable laws and initially on a limited basis.

Tesla Liquidity in Cryptocurrencies

This option to buy using Bitcoin is currently available in the US only. The company said, “When prompted during the purchase process, we may, in our sole discretion, allow you to select Bitcoin as the payment method for your purchase of eligible products and services.” BTC is the only cryptocurrency that Tesla is accepting currently.

It is observed that Tesla’s $1.5 billion Bitcoin purchase was a major fillip for its corporate adoption. The $1.5 billion worth of Bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments. The largest cryptocurrency, Bitcoin is showing high altitudes following Musk’s tweet.  

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Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.