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Tesla Now Accepting Bitcoin Payments For its EV Cars: Elon Musk



Tesla Now Accepting Bitcoin Payments For its EV Cars: Elon Musk

Elon Musk, the Chief Executive Officer of electric vehicle maker, Tesla Inc has revealed that the company has integrated capabilities to begin accepting Bitcoin (BTC) for the entire range of its EV cars. Taking to Twitter, the iconic Tesla boss tweeted the news to the delight of the entire hoard of BTC enthusiasts on the social media platform.

The news is a sequel to earlier moves made by the company in purchasing $1.5 billion worth of the digital currency, a massive investment that remarkably recharged the ongoing bull run in the price of Bitcoin. Per the unveiled tweet, Elon Musk said the company will not be converting the accrued Bitcoin into cash, but rather it will be HODLing the accrued holdings.

“You can now buy a Tesla with Bitcoin,” Elon Musk said in the first batch of tweets, adding “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.”

The news from Musk has broken the internet, with the announcement received hundreds of thousands of engagements. Musk in his characteristic manner has helped to redefine the use case for the premier digital currency, a move that might spike a ripple effect from other companies as has been projected by market analysts.

Bitcoin Price Amid the Tesla Bitcoin Payment News

The news from Tesla has proven to be bullish for the world’s largest cryptocurrency by market capitalization. The news has given a new resurgence to the price of the cryptocurrency which was trading at a loss in the early hours of Wednesday.

At the time of writing, Bitcoin is exchanging hands at $57,262.38, up 3.62% in the past 24 hours and 3.60% in the past week according to CoinMarketCap. As BTC exerts 60.1% over the entire cryptocurrency market, the global market cap is up 2.53% to $1.78 trillion.

The earlier report of Tesla’s BTC purchase wielded a tremendous impact on the performance of the world’s leading asset. The coin jumped by more than 8% back in February and with the latest sentiment being stirred by the automaker, the coin may yet chart a new path to a new all-time high price well at the north of $60,000.

Tesla’s impact on Bitcoin will also be guaranteed as other institutional investors are likely to take inspiration from the automaker to begin vesting liquidity into the emerging asset class.