Tesla Enables Bitcoin Payments

March 25, 2021, 7:00 AM AEST - 8 months ago

Earlier this year, Elon Musk announced that Bitcoin would be accepted as payment for Tesla cars – and now, the option has been made available to customers in the US.

In a follow-up tweet, Musk added that the futuristic hybrid cars would be made available for purchase in Bitcoin sometime by the end of this year.

Bitcoin Will Not Be Converted To Fiat

Elon Musk has also stated that the Bitcoin received in exchange for Tesla cars will not be converted to fiat.

“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.”

Following the company’s $1.5 billion investment into Bitcoin earlier this year, it seems the top brass has decided to continue investing in Bitcoin, undeterred by prior twitter spats which resulted in tongue-in-cheek emojis directed at notorious bears.

The company has also added a FAQ for Bitcoin payments to their website. Most of the advice offered is common sense advice, such as to only send BTC to Tesla’s BTC address.

The car’s price will remain unchanged and tied to the US Dollar. As a result, the amount of BTC needed to purchase a Tesla may vary wildly from one day to another – and if a refund is requested, the amount refunded may also be substantially less than requested.

Elon’s tweet has gone viral, and the comments are full of good-hearted quips about Tesla cars being the new Lambo and the like.

Following this announcement, we may start seeing even more high-profile companies enabling cryptocurrency platforms.

Unfortunately, Dogecoin payments have not been enabled yet, and there have been no reports of Tesla plans to enable the endearing cryptocurrency.

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