The Tesla CEO Elon Musk has taken a significant step forward for the introduction of bitcoin in commerce. He announced on Wednesday that Tesla buyers can pay using bitcoin for its electric vehicles.
Elon Musk tweeted, “you can now buy a Tesla with bitcoin,” the option would be available later this year outside America, he added.
This is not the first time that the world’s second richest man has promoted cryptocurrency. The Tesla inc., has also bought bitcoin worth $1.5 Billion. This has helped in increasing the bitcoin prices to the all times high, i.e., $61,556.59 in the mid of March, 2021.
The bitcoin has again rose to more than 4 percent after the tweet of Tesla CEO Elon Musk, and was trading at $56,429.
He said that the bitcoin earned through the sale of Tesla will be retained and not converted into fiat currency. Furthermore, he also told the system of payment. “Tesla is using only internal & open source software & operates Bitcoin nodes directly,” he tweeted.
The other companies like AT&T and Microsoft Inc., also accept cryptocurrency for payment. But typically using special payment processors to convert cryptocurrency into dollar and send it to the company.
Bitcoin is used less in the commerce in major economies. Because, it is costly and slower in processing.
Elon Must is the critic of the conventional cash. He often tweet on the cryptocurrency. He criticised conventional cash and said, “knowing that it has negative real interest, only a fool wouldn’t look elsewhere”.
In difference with the cash has made bitcoin adventurous enough for the S&P 500 company to hold the cryptocurrency, said Musk.
The cryptocurrency may become a regular part of the investment portfolio after the move by Tesla Inc.
General Motors company is considering cryptocurrency as a payment option for its products.