Tesla Starts Accepting Bitcoin Payments: BTC Price Spikes $1,000 Immediately

Major Electric Vehicle manufacturer Tesla is now accepting bitcoin payment for its vehicles. As soon as the announcement saw daylight,

• In a tweet thread on Wednesday (Mar. 24, 2021), Tesla CEO Elon Musk announced that customers could pay for a Tesla vehicle with bitcoin.

• Elon added that the bitcoin paid for the Tesla would not be converted to fiat, but rather remain as BTC.

“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.”

• A screenshot showed that bitcoin was part of the payment options for all its electric vehicle models.
• The latest development comes after the company bought $1.5 billion worth of bitcoin back in January 2021. At the time, Tesla said that it was looking to start accepting bitcoin for its products.
• Following Tesla’s bitcoin buy, the price of the flagship cryptocurrency reacted positively to the news, reaching a new all-time high (ATH). Once again, Tesla accepting BTC has proved favorable for bitcoin, as the flagship crypto gained $2,000 in a few hours.
• Elon also added that only customers in the U.S. can pay for a Tesla with bitcoin. Other regions outside of the U.S. would be able to use the new payment method later in the year.
• As soon as the tweet saw daylight, Bitcoin’s price reacted positively.
• The cryptocurrency gained more than $1,000 in a few minutes.