Elon Musk stunned the world with his audacious bet on Bitcoin earlier this year and now, the Tesla CEO has announced that the company will start accepting the world’s largest electronic currency (cryptocurrency) as payment for its electric cars.
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Musk on Wednesday took to Twitter for the latest announcement regarding the new form of payment for Tesla cars. He tweeted, “you can now buy a Tesla with Bitcoin". Musk also informed that Bitcoin payment will also be made available for customers outside the US. Tesla will only use internal and open-source software for the payment. Also, Bitcoins paid to the company will not be converted to fiat currency, Musk announced.
Tesla in February'21 disclosed a $1.5 billion investment in Bitcoin. Such a huge amount of investment hinted in advance towards the EV maker's intent to begin accepting the cryptocurrency as a form of payment. The company has also updated its investment policies in January this year to allow it to buy digital assets.
Musk can be seen promoting cryptocurrencies more often these days through his Twitter account. The Tesla CEO has also criticized conventional cash in the past, saying when it "has negative real interest, only a fool wouldn't look elsewhere."
Following Tesla's investment in bitcoin, several companies such as Uber Technologies Inc and Twitter Inc had shared their views on the cryptocurrency. Uber Chief Executive Dara Khosrowshahi said the company discussed and "quickly dismissed" the idea of Bitcoin investment. At the same time, Khosrowshahi added that Uber could potentially accept Bitcoins as a form of payment.
The EV maker has recently added "Technoking of Tesla" to Musk's list of official titles.