Tesla Now Accepts Bitcoin, Won’t Sell BTC for USD

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Bitcoin
Tesla Now Accepts Bitcoin, Won’t Sell BTC for USD

Residents in the continental United States can now buy a brand-new Tesla using Bitcoin, an update from the world’s leading automaker on Mar 24 confirms.

Buy Tesla using Bitcoin

What’s more, Tesla is keen on holding on to BTC and won’t partner with a payment processor but instead keep the coin for themselves.

In a follow-through tweet by Elon Musk, the chairperson, the company runs on internal open-source software besides operating Bitcoin nodes. Consequently, all BTC paid will be “retained in Bitcoin, not converted to fiat currency.”

The opening is only available to U.S. citizens. Those who hold Bitcoin can directly checkout and make payment either by scanning the QR code or sending the exact amount of BTC to the official receiving address.

Payment cannot be made separately for ease of processing. For this reason, Tesla will only accept a single, whole transaction of BTC equivalent in USD.

However, the giant electric automaker plans to open up BTC payment for Tesla fans across the globe this year.

As previously stated, their offer will be subject to applicable laws and may be for within a limited period.

Bitcoin is now Money

It is a major boost for Bitcoin that has evolved to be a store of value and a medium of exchange.

For its widespread adoption, Tesla’s accepting BTC as electronic money fulfills Satoshi Nakamoto’s goal of creating an alternative currency native to the internet.

Furthermore, that Tesla won’t be liquidating Bitcoin for fiat. It confirms their confidence in the digital asset whose high market cap can no longer be ignored, according to Deutsche Bank.

In Feb, Tesla invested $1.5 billion in Bitcoin as per a U.S. SEC filing. The automaker said it was assigning roughly 10 percent of its cash reserves to the digital asset for diversification and maximizing cash return.

In response, the Bitcoin price rallied, edging above $40k and later $60k. For this investment, the electric automaker has now earned more than $1 billion in profits.

As BTCManager reports, Anthony Scaramucci of SkyBridge Capital believes Bitcoin is better than gold.

Dalmas Ngetich

Dalmas is a very active blockchain and cryptocurrency content creator and highly regarded Technical Analyst. He is a Mechanical Engineer by profession and an activeTrader, whose first encounter with Bitcoin was in 2015—and by accident. Ever since, it has been an exciting journey where life-long friendships have been forged, and careers made and strengthened.