Bitcoin experienced upward trends after Tesla announced that it had made a $1.5 Billion investment in the cryptocurrency few weeks earlier. At the time, the company added that it is looking to add Bitcoin as a payment method for those who are interested. Now, Elon musk has confirmed that customers can indeed buy Tesla using Bitcoin.
Earlier today, Musk confirmed on Twitter that customers located in the United States can book cars using Bitcoin. He added that Tesla is currently looking to expand the option to other countries later this year. Interestingly, Musk said that Tesla will operate the Bitcoin node directly and will not convert Bitcoin to fiat currency such as USD or EUR.
Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021
Following the announcement, Tesla published a FAQ page that answers some basic questions. In the page, the company said that it’ll only accept Bitcoin and won’t be dealing with other cryptocurrencies. According to Tesla, once the customer initiates the transaction, a timer will begin and they will need to complete the transaction before the timer ends. Tesla took the decision to add the timer to ensure the customer or Tesla doesn’t encounter a loss.
Following Musk’s tweet, Bitcoin saw a spike in price. At the moment, other companies such as Apple is working on adding cryptocurrency as a payment method.