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This article was published on March 24, 2021


Elon Musk says you can buy a Tesla with Bitcoin now

Elon Musk says you can buy a Tesla with Bitcoin now
Ivan Mehta
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Ivan Mehta

Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That's one heck of a mixed bag. He likes to say "Bleh." Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That's one heck of a mixed bag. He likes to say "Bleh."

 

It was inevitable. Elon Musk said today that now you can buy a Tesla with Bitcoin.

There aren’t many details on the logistics of this, but like a lot of company announcements, we are finding this out through Musk’s tweets.

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.

At the time of writing, the option hasn’t shown up on Tesla’s website. However, some customers have spotted this feature. If you want more information about Bitcoin payments, the company has a special page for it to answer all of your questions.

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.

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