Technoking Elon Musk Says You Can Now Use Bitcoin to Buy a Tesla
He has authorized Bitcoin as an acceptable payment method for his company’s products
Elon Musk has been quite active on Twitter, as apparently, that is his favourite platform to engage with his followers. And just last night at 3:00 AM, the Technoking of Tesla announced that people can now buy a Tesla using Bitcoin.
The tech tycoon who founded the company in 2003 has previously shown his fascination for crypto and fintech. So, it does not come off as a surprise that he has authorized Bitcoin as an acceptable payment method for his company’s products.
Based on reports, Tesla had invested around $1.5 Billion into Bitcoin in February 2020. Furthermore, Elon Musk provided exceptional details about the company’s method of accepting the payments in Bitcoin.
Elon Musk also pointed out that the Bitcoins used to buy Tesla vehicles will not convert into regular currency. So, instead of American dollars, the funds will remain in the form of Bitcoins to supplement the stockpile of Tesla.
Regarding the actual payment method, Tesla has detailed everything in their FAQ section on the website. The amount of Bitcoin that a customer will deposit simply depends on the price of the vehicle in USD and the market rate of the cryptocurrency.
After the receipt of the payment, buyers will receive an official confirmation from Tesla regarding the purchase. Using the new Bitcoin payment method, buyers can get any four-wheelers by Tesla including the Cybertruck, Roadster, and previous models including Model S, X, and Y.
However, note that this new payment method is only available for US buyers for now. Elon Musk has stated that it will be offered to many other markets too later in 2021, hence opening doors for many more buyers.
The tweet of Elon Musk
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
Though, some environmentalists were quick to point out that Tesla’s support for cryptocurrencies goes against its eco-friendly values. After all, mining cryptocurrencies like Bitcoin together consume a greater amount of electricity than the entire Netherlands in a single year – according to some researchers from the Cambridge University.
Nevertheless, Tesla seems to have taken the decision after enough forethought, as the price of Bitcoin hit a high of USD 40k just recently. In other news, Tesla EVs have been barred from entering Chinese military bases.
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