Use Bitcoin to buy a Tesla in the U.S.

 

Tesla CEO Elon Musk announced on Twitter, on March 24 that customers can buy a Tesla in the U.S. using the cryptocurrency Bitcoin. No other digital currency can be used. Along with usual card payments, paying with the digital coin is also offered as an option. Musk also said that other countries will get this option “later this year.”

 

After his initial tweet, Musk clarified a few other points. He said that Tesla was using only internal and open source software and it directly operated Bitcoin nodes. He also that Bitcoin that was paid to the company would be retained as Bitcoin and “would not be converted.”

 

There are quite a few queries about this new payment mode and the website has a detailed FAQ section. It also has bitcoin payment terms and conditions which need to be understood before making payments in the digital currency.

 

Over a month ago, Tesla had mentioned that it would be adding the digital coin in its payment options when it had released its annual report to the SEC. The report had also said that the company had made an investment of $1.5 billion in Bitcoin.

 

Bitcoin is a volatile asset and Elon Musk’s investment had sent the coin soaring to about $43,000 when Tesla made its first investment. A few others followed suit and the digital coin now has a value of over $56,000, following Musk’s tweet.

 

Although an entry level Tesla model can be purchased with a single bitcoin, while a higher end model would require almost two, there is not much clarity about the owners of Bitcoin and currency or card payments will still be used to buy most of these vehicles.

 

As of now, not many customers are expected to use Bitcoin to buy a Tesla. However, if the digital currency proves sceptics wrong and becomes more generally accepted, it may become a commonly traded currency, though it is still difficult to mine.

 


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.