The Technoking of Tesla announced that any payments in bitcoin will remain as bitcoin rather than turned into fiat currency
Tesla’s customers are now able buy it’s vehicles with bitcoin as Elon Musk boosts the cryptocurrency’s use in commerce.
Elon Musk had tweeted earlier today stating that “You can now buy a Tesla with Bitcoin.”
The option to do this is currently available in the US but there are plans to extend this outside of the US later this year.
Earlier this year, Tesla disclosed that they bought $1.5billion worth of bitcoin and in the same time of this purchase, Tesla announced that they were expecting to receive payments through bitcoin. This is now a reality.
The previous announcement had a major effect on the price of bitcoin as it had soared to record highs.
Elon Musk has also added that any payments received in bitcoin will not be converted into fiat currency, and they will remain as bitcoin. However, further details were not disclosed on how the bitcoin payments will be processed other than that Tesla operate bitcoin using internal and open-source software.
However, Tesla is not the first company to allow its customers to buy in bitcoin. Many mainstream companies such as AT&T Inc and Microsoft Corp already allow bitcoin payments through utilising specialist payment processors that are able to convert crypto into fiat currency.
A number of other mainstream companies have followed Tesla’s involvement in bitcoin. Even though Tesla were not the first company to accept bitcoin payments, the company has certainly enticed companies like Mastercard Inc and Bank of New York Mellon Corp to adopt bitcoin as a digital asset.
With these companies embracing bitcoin, it is expected that cryptocurrenies will become a regular feature in investment portfolios.
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