Breaking: Tesla Inc. Opens Bitcoin Payment Option For US Customers

Prashant Jha Bitcoin News published March 24, 2021 | modified March 24, 2021

Breaking: Tesla Inc. Opens Bitcoin Payment Option For US Customers

Tesla Inc. the largest electric car manufacturer has started offering Bitcoin payment options for Tesla cars. Elon Musk, the CEO of the firm took to Twitter to announce the news and said, people in the US can now buy Tesla cars via Bitcoin payment directly on its website, while Musk promised Bitcoin payment options for the rest of the world would be opened later this year.

The direct Bitcoin payment option comes just a month after the most valuable car brand made a $1.5 billion Bitcoin purchase possibly putting rest to the queries of “what bitcoin can buy in the real world”, a Tesla for sure now.

Tesla Sets Up its Node; Won’t Convert Paid Bitcoin to Fiat

What’s even more interesting is the fact that Tesla is not associating with any third-party for its Bitcoin payment service as Musk also revealed that Tesla is currently using open-source software for Bitcoin transactions and have set up their Bitcoin node.  He also assured that the Bitcoin payments won’t be converted to fiat and remain in their nodal wallet.

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.

Tesla’s decision to hold onto its bitcoin is a sign of Bitcoin’s growing stature as a unit of exchange and a legal tender. Gabor Gurbacs, VanEck digital asset director said,

The most important take-away is that Tesla doesn’t intend to convert the Bitcoin to dollars upon purchasing a Tesla car. This shows how Bitcoin is becoming a unit of account and maybe someday in the future closer to fiat currency’s legal tender status.

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Prashant Jha 451 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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