It’s now official. You can now purchase a Tesla vehicle with Bitcoin. This is according to Tesla CEO, pardon, Technoking Elon Musk, who tweeted it on Wednesday.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Musk said that the company is using internal and open-source software to operate Bitcoin nodes and it won’t convert the cryptocurrency transactions to fiat currency, in the tweet that has now been retweeted over 35,000 times.
Tesla announced this would be happening in February, when the company said it purchased $1.5 billion worth of Bitcoin. In an SEC filing, Tesla said it might start accepting Bitcoin as a form of payment “in the near future.”
At the time we published this article, the option had not shown up on Tesla’s website. However, some customers have spotted this feature. The company has a special page to answer all of your questions, If you want more information about Bitcoin payments when buying your Tesla car.
The EV maker has made it clear that Bitcoin is the only cryptocurrency it’s accepting at the moment and the feature is live just for its customers in the US. The support page warns that if you send a different digital currency to specified address, you may lose funds.
In February, Tesla said that it has bought $1.5 billion worth of Bitcoin in an SEC filing. The company’s decision boosted the cryptocurrency’s prices over $42,000 at that time. Currently, Bitcoin is trading at above $55,000.
In the SEC filing, Tesla also said that it wanted to accept payments in digital currency in the near future. Musk’s announcement makes things official.
Not many people will have sufficient Bitcoins to purchase a car. But if you have a substantial amount of Bitcoin, you may benefit from purchasing a vehicle when the cryptocurrency’s price is on the rise.
People outside the U.S. will be able to buy a Tesla with bitcoin “later this year,” Musk said, without specifying which countries.
He added that Tesla “operates bitcoin nodes directly.” Nodes are computers on bitcoin’s network that work to verify transactions and avoid the cryptocurrency from being spent twice.
Musk has embraced bitcoin more than any other major tech CEO. He has been tweeting about the cryptocurrency on and off over the last few months, raising alarm bells in some corners. He’s also been tweeting about other coins like Ether and Dogecoin.
Tesla’s share price and the value of bitcoin have seen huge gains over the last 12 months, with Tesla shares rising from around $100 to over $600, and bitcoin rising from around $7,000 to over $55,000.