Tesla now Accepts Bitcoin

Elon Musk, Tesla, and Bitcoin – it’s a match! Earlier this year, Tesla revealed its investment worth $1.5 billion in Bitcoin – the ripples of which vibrated through the entire cryptocurrency industry. During the same announcement, Tesla also revealed that it plans to accept Bitcoin as a payment method for buying its products conditioned upon the applicability of laws. This week, Tesla officially announced that it now accepts payment in Bitcoin. This service is currently reserved for its US clients.

The details – Tesla, the World’s leading automaker, which earlier announced that it plans to offer Bitcoin as a payment method, has now joined companies like Overstock and Starbucks in accepting Bitcoin for its products. Tesla will use only internal & open source software & operates Bitcoin nodes directly.

Tesla’s Plans to Offer Bitcoin

As per its official website, you will be able to pay Bitcoin from your wallet by scanning the QR code or copying Tesla’s Bitcoin address. To buy a Tesla with Bitcoin, you will need to pay the exact amount in a single transaction. The order will be confirmed via email within six hours.

After Tesla’s official announcement on its website, Elon Musk posted a tweet that stated: “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to Fiat currency”. Currently, Tesla will only accept Bitcoin and no other cryptocurrencies.

Looking ahead – Tesla will offer its non-US clients the ability to pay with Bitcoin this year. The fact that Tesla is not converting its Bitcoin to fiat will likely positively affect the price as it is essentially lowering the Bitcoin supply by holding.