Elon Musk Says Tesla Now Accepting Bitcoin for Payment

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.

— Elon Musk (@elonmusk) March 24, 2021

Tesla Inc boss Elon Musk announced early Wednesday that his company’s electric cars can be purchased using bitcoin in the US.

“You can now buy a Tesla with Bitcoin,” Musk tweeted overnight.

“Tesla is using only internal & open source software & operates Bitcoin nodes directly,” he added in a follow-up tweet. “Bitcoin paid Tesla will be retained as Bitcoin, not converted to fiat currency.” 

Musk also said bitcoin will be accepted for payments made outside of the US “later this year.” 

His announcement comes a month after the Palo Alto, California-based company revealed in its Form 10-K annual filing that it had bought $1.5 billion worth of bitcoin under an updated investment policy and would accept the cryptocurrency as payment for products “in the near future.” 

A support page on Tesla’s website notes that only bitcoin is accepted and that trying to send another form of cryptocurrency “will likely result in a loss of funds for you” since the site “will not receive the transaction.” 

According to the company’s bitcoin payment terms and conditions, cars will still be priced in US dollars and customers can pay the equivalent value in bitcoin. 

Tesla also emphasized that transactions cannot be reversed and urged customers to be careful when inputting their bitcoin information. Incorrect information, it said, could result in a customer’s bitcoin being “irretrievably lost or destroyed.” 

Bitcoin, like other cryptocurrencies, is still little used for commerce in major economies, due to its volatility and processing times that can be costly and slow, Reuters noted. 

Following news of Tesla’s investment in bitcoin, General Motors Company said it would be evaluating bitcoin as a form of payment for its vehicles, and Uber Technologies said it could potentially accept cryptocurrency.

Musk, who has in the past expressed skepticism about cryptocurrencies, said during an interview in January on voice chat app Clubhouse that he is now “a supporter of bitcoin” and believes it is “really on the verge of getting broad acceptance by conventional finance people.” 

Last week, the company said in a Form 8-K filing that Musk has officially taken on the title of “Technoking of Tesla,” while Zach Kirkhorn, its chief financial officer, will now be known as the “Master of Coin.” 

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Source: Equities News