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Business News/ Auto News / Now buy a Tesla with Bitcoin: Elon Musk makes it official
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Now buy a Tesla with Bitcoin: Elon Musk makes it official

Musk added that the Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

FILE PHOTO: A Tesla Model X electric car is seen at the Brussels Motor Show, Belgium. (REUTERS)Premium
FILE PHOTO: A Tesla Model X electric car is seen at the Brussels Motor Show, Belgium. (REUTERS)

Electric car manufacturer Tesla has started accepting Bitcoin as an alternate mode of payment, according to a new tweet by CEO Elon Musk. That official announcement makes Tesla 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.

Musk added that the Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

"Tesla is using only internal & open source software & operates Bitcoin nodes directly," he said.

CEO Elon Musk further added the 'Pay by Bitcoin' capability will be made available outside the US at the end of 2021.

In February, Tesla bought $1.5 billion worth of bitcoin. In a filing with the United States' Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash."

Tesla had added that it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis."

Bitcoin, the world's biggest digital currency, rose more than 4% after Musk's tweet and was last up 3.5% at $56,178.

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Published: 24 Mar 2021, 01:00 PM IST
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