All the Tesla fanatics and crypto enthusiasts were awaiting for the announcement by the business magnate, he initially gave an inkling for accepting Bitcoin payments in an SEC filing earlier this year.
Buisness magnate, Elon Musk recently announced on Twitter that Tesla cars can now be purchased using Bitcoin(BTC). It also said that it will hold on the cryptocurrency having no any intention of converting it to fiat. However, the facility of buying products manufactured by Tesla with BTC is only applicable for US customers.
In early February, he declared on using Bitcoin for payments, when Elon Musk with his tweets on favoring cryptocurrencies dropped a bombshell of Tesla buying 1.5 billion worth of Bitcoin.Elon happened to put forth his opinions on BTC many times, be it in one-liner tweets, interviews, or his replies to his followers’ questions. Elon’s actions certainly proved his cautious move regarding his company’s future shares and assets.
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. — Elon Musk (@elonmusk) March 24, 2021
His intention of holding on to Bitcoin is quite explicit in operating BTC as an investment tool, as when he announced whatever Bitcoin will be earned through the sale of the firm’s vehicles won’t be converted to fiat.
Tesla will run Bitcoin nodes, which will pave the way for Tesla joining a global network of peer-to-peer connections. The customers who will Tesla’s website from a U.S.-based IP address will now view a Bitcoin payment gateway, attached to the site’s checkout options. The impact of Tesla’s breaking news of accepting Bitcoin for payments have successfully propelled the rise in dollar value of Bitcoin, as it got pumped 2.9% from $54,056 to $55,630.
For the time being Bitcoin is the only digital asset that Tesla will accept as payment for products, stated by Tesla’s Bitcoin terms and conditions. It further states:
You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin.