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Tesla Adopts Bitcoin as Payment Method for Cars

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By Ahmed Rahma

After purchasing $1.2 billion worth of the world’s largest electronic currency, Bitcoin, Tesla has said it will start accepting the cryptocurrency as means of payment for its electric cars.

The Chief Executive Officer of the company, Mr Elon Musk, made this disclosure via a Twitter post on Wednesday.

“You can now buy a Tesla with Bitcoin” he tweeted, noting that this payment option is only available to customers in the United States for now, with plans to include others later.

He added that Tesla will only use internal and open-source software and that any Bitcoin paid to the company will be retained as Bitcoin and not converted to a fiat currency.

Recall that the California-based Tesla disclosed its $1.5 billion investment in Bitcoin in February, signalling its intent to begin accepting the cryptocurrency as a form of payment at the time, sending prices to a record high.

The world’s leading EV maker made the Bitcoin bet after updating its investment policy in January to allow it to buy digital assets.

Bitcoin rose 3 per cent to $56,108 as of 8:33am in London.

In addition to lending increased legitimacy to electronic currencies, Mr Musk’s embrace of Bitcoin fits his maverick image.

The billionaire has often tweeted about cryptocurrency-related topics and recently called Bitcoin “a good thing” in an interview.

Dogecoin, the once tongue-in-cheek digital currency, also soared to records in February after Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons tweeted about it.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.

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