Electric Car Maker Tesla Inc says customers can now buy its vehicles with bitcoin, marking a significant step forward for the cryptocurrency’s use in commerce.
Tweeting a post on Wednesday, Elon Musk said Tesla’s can now be purchased with bitcoin, adding that the option would be available outside the United States later this year.
Musk added that bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed.
Tesla Inc. said last month it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for cars. The move has brought about advancements toward mainstream acceptance and sent bitcoin soaring to a record high of nearly $62,000.
Musk, last month criticised conventional cash, saying when it “has negative real interest, only a fool wouldn’t look elsewhere”.
Bitcoin, the world’s biggest digital currency, rose more than 4% after Musk’s tweet and was last trading at $56,429.
Like other crypto-currencies, bitcoin is still little used for commerce in major economies, hampered by its volatility and relatively costly and slow processing times.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
