Renowned electric car manufacturer Tesla says it is now possible to buy a Tesla with Bitcoin. The company initially hinted at accepting Bitcoin for payments in an SEC filing earlier this year.
You can now buy a Tesla with Bitcoin— Elon Musk (@elonmusk) March 24, 2021
As Musk says, all payments in bitcoin will be retained as BTC and will not be converted to fiat.
Currently, Only US Customers Can Buy Tesla With Bitcoin
Musk also added that Tesla only uses internal open source software and directly manages the nodes on the Bitcoin network. At the moment, only American customers can buy Tesla with BTC, but later the new payment option is will be added for other markets as well.
For the first time, Tesla announced plans to support bitcoin in early February, when it invested $1.5 billion in cryptocurrency. Then, in addition to the investments themselves, the company announced its intention to start accepting bitcoin as a means of payment.
At the same time, Musk noted that Tesla’s actions do not always coincide with his point of view. Bitcoin is almost useless as fiduciary money, but the key difference is the word “almost,” he added.
Meanwhile, Bitcoin price is growing. At the time of writing, the cryptocurrency added almost 3% and rose to $55,355. Bitcoin capitalization rose to $1.03 trillion.
However, the American bank JPMorgan believes that the volatility of bitcoin will prevent other companies from following Tesla’s example. Nevertheless, JPMorgan admitted that transferring just 1% of corporate capital to bitcoin “will significantly increase the volatility of the entire portfolio.”
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