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Teslas can now be bought for bitcoin, Elon Musk says

CryptocurrencyMar 24, 2021 11:55AM ET
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2/2 © Reuters. FILE PHOTO: Tesla Inc CEO Elon Musk speaks onstage during a delivery event for Tesla China-made Model 3 cars at its factory in Shanghai 2/2

By Tom Wilson and Maria Ponnezhath

(Reuters) - Tesla (NASDAQ:TSLA) Inc customers can now buy its electric vehicles with bitcoin, its boss, Elon Musk, said on Wednesday, marking a significant step forward for the cryptocurrency's use in commerce.

"You can now buy a Tesla with bitcoin," Musk said on Twitter, adding that the option would be available outside the United States later this year.

The electric-car maker said last month it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for cars, in a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

Bitcoin, the world's biggest digital currency, rose more than 4% after Musk's tweet and was last up 3.5% at $56,178.

Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal & open source software", he said.

Most mainstream companies such as AT&T Inc (NYSE:T) and Microsoft Corp (NASDAQ:MSFT) that allow customers to pay with bitcoin typically use specialist payment processors that convert the cryptocurrency into, say, dollars and send the sum to the company.

Like other cryptocurrencies, bitcoin is still little used for commerce in major economies, hampered by its volatility and relatively costly and slow processing times.

Musk, who regularly posts comments on Twitter about cryptocurrencies, last month criticised conventional cash, saying when it "has negative real interest, only a fool wouldn't look elsewhere".

He had said that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency.

Following Tesla's investment in bitcoin, companies including Mastercard Inc (NYSE:MA) and Bank of New York Mellon (NYSE:BK) Corp have embraced the emerging asset, sparking predictions that bitcoin and other cryptocurrencies will become a regular part of investment portfolios.

Uber (NYSE:UBER) Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and "quickly dismissed" the idea of investing in bitcoin. However, he said Uber could potentially accept the cryptocurrency as payment.

General Motors Co (NYSE:GM) said it would evaluate whether bitcoin could be accepted as payment for its vehicles.

Tesla recently added "Technoking of Tesla" to Musk's list of official titles.

Teslas can now be bought for bitcoin, Elon Musk says
 

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Comments (11)
Hong Xiong
Hong Xiong Mar 25, 2021 5:03AM ET
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can you fuel (pardon, charge) a Tesla with bitcoin?
Banana Citizen
Banana Citizen Mar 24, 2021 1:21PM ET
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Has these media got no other garbage to wrilte
Luu Hung
Luu Hung Mar 24, 2021 9:26AM ET
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What if few months later that guy say Tesla no long accept bitcoin lol
Shane Gg
Shane Gg Mar 24, 2021 6:45AM ET
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Elon thinks governments are as "into crypto" as he is. The Indian government is close to banning it, China is always attacking it and Janet Yellen hates it. Elon might as well tell potential buyers they can pay in coffee, crude oil or some other commodity that doesn't fluctuate near as much as an asset with insane volatility that is backed by nothing tangible and is only worth what the latest buyer is willing to pay for it. It's more likely that Elon just gets his jollies by saying things to make the price move to feed his ego.
Nunu Adrian
Nunu Adrian Mar 24, 2021 6:45AM ET
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Exactly my thoughts!
Bacon Tron
Bacon Tron Mar 24, 2021 4:47AM ET
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Millenials and zoomers are the market of the future. Few understand.
Gr Ka
Gr Ka Mar 24, 2021 4:25AM ET
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You can now speculate and buy a car just before a price drop. And get it for 20, 30% less. Would in Tesla be so crazy? To take the risk?
Thomas Miller
Thomas Miller Mar 24, 2021 4:25AM ET
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the price fixed to 50000 dollar, then you transfer whatever bitcoin amounts to that during buy. it's not rocket science
John Doe
John Doe Mar 24, 2021 4:25AM ET
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No, the articles says that the price will be locked to crypto. Therefore there will be 2 prices for the same product, you can choose the way yourself
Jan Buyle
Jan Buyle Mar 24, 2021 4:24AM ET
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His problem is that the people in the street don't want to buy a Tesla car. I bet you that VW and BMW will become the EV market leaders, not Tesla.
Камен Ангелов
Камен Ангелов Mar 24, 2021 4:24AM ET
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The leader is who holds better patents, actually. And for now that is Tesla.
Jan Buyle
Jan Buyle Mar 24, 2021 4:24AM ET
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Come on Bacon, Musk is manipulating the market in any possible way whit tweets... Look at what he did with Bitcoin... Stating Bitcoin is not a good investment, while he was buying it... So who is corrupt?
Joel Hauser
Joel Hauser Mar 24, 2021 4:22AM ET
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This is a good move.Expect good earnings in coming quarter.
Fabio falec
falec Mar 24, 2021 4:22AM ET
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So you think that this will make a difference in the sales, when you could convert dollars to bitcoin, and vice versa, when you wanted.
Ra Su
Ra Su Mar 24, 2021 4:21AM ET
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Cool. Easy option for money laundering .
AntiA FreezeL
AntiA FreezeL Mar 24, 2021 3:46AM ET
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wait a minute, but you are a huge investor in Bitcoin Mr. Money Launder Musk !
Amine Fourali
Amine Fourali Mar 24, 2021 3:46AM ET
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Hahaha
Tomi Tuohimaa
Tomi Tuohimaa Mar 24, 2021 3:26AM ET
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Haha cool *****of steel
 
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