Tesla now accepts Bitcoin from U.S. customers, says Musk

24 Mar 2021

Tesla founder Elon Musk has announced that the electric cars can now be purchased with Bitcoin.

The so-called ‘Technoking’ said the company would directly operate Bitcoin nodes and hold on to the accumulated Bitcoin, not convert to traditional fiat currency.

Tesla initially indicated its plan to begin accepting Bitcoin early last month, following its purchase of $1.5 billion worth of the digital currency. 

However, Bitcoin can only be used as a method of payment for customers in the U.S. for now, reports Cointelegraph.

Musk’s announcement that Bitcoin obtained through the sale of electric vehicles won’t be converted to fiat highlights it is being used as an investment tool and a transactional medium.

The CEO said on Twitter: “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.”

By operating dedicated Bitcoin nodes, Tesla will join a network of peer-to-peer operators who host and synchronise the Bitcoin blockchain, the Cointelegraph report adds.
Tesla’s move to accept Bitcoin as a means of payment could have impacted the crypto market in Wednesday trading.
When Musk made the announcement, Bitcoin rose 2.9% from $54,056 to $55,630.
According to Tesla's Bitcoin terms and conditions: "You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin.”