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Tesla becomes the first-ever major automaker to accept Bitcoin payments

Tesla becomes the first-ever major automaker to accept Bitcoin payments
The Siliconreview
26 March, 2021

Tesla, an American electric vehicle and clean energy company, has stated that the company will be accepting Bitcoin as an alternate mode of payment, as per the new tweet by its CEO Elon Musk. The official announcement will make Tesla the first-ever major automaker to accept payments through Bitcoin in exchange for its product. "You can now buy a Tesla with Bitcoin," was the tweet made by Elon Musk.

Musk has also stated that the Bitcoin paid to the company will be Bitcoin and will not be converted to fiat currency. Tesla will be using only internal and open-source software to operate Bitcoin nodes directly and transparently. 'Pay of Bitcoin' will be made available even outside the US at the end of 2021, the company said. In February, Tesla bought $1.5 billion worth of Bitcoin to further diversify and maximize returns on its customers' cash.

Tesla has further added that it will start accepting payments through Bitcoin exchange for its products, as per the law and initially on a limited basis. Meanwhile, Bitcoin, which is said to be the world's most significant digital currency, saw a humungous rise by more than four percent after Elon Musk's tweet, and it was last up 3.5 percent at $56,178.