Customers Can now Pay in Bitcoin as Tesla Starts Accepting BTC

24 March 2021 | Updated: 24 March 2021

Tesla’s plan to begin accepting Bitcoin (BTC) as payments for its vehicles is now live. The CEO of the company, Elon Musk, broke the news via Twitter on Wednesday. The Bitcoin payment option has gotten added to the company’s website, along with a section explaining how to make cryptocurrency payments.

Musk noted that “Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency,” adding that the company “is using only internal & open source software & operates bitcoin notes directly.” An update on Tesla’s website confirmed that the company currently accepts only Bitcoin and no other cryptocurrency.

Tesla’s website noted that:

“Initiate payment from your bitcoin wallet. You can either scan the QR code or copy and paste the bitcoin address and the exact bitcoin amount into your wallet.”

The website also noted that:

“Once you send bitcoin from your wallet, the page will refresh within one minute … We will email you a confirmation once payment is received. This can take up to six hours to process.”

Bitcoin Reacts Positively to the News
Tesla first publicized its plans to accept Bitcoin as payment in a filing with the US Securities and Exchange Commission (SEC) early last month. It also informed the SEC that it had purchased $1.5 billion worth of BTC.

Following the announcement last month, Bitcoin reacted positively to the news and scaled a new all-time high. That said, Bitcoin has reacted positively again to the news today, as the benchmark cryptocurrency has spiked by about $1,000 just a few minutes after the news broke. At press time, Bitcoin has increased by about $2,000.

Meanwhile, Musk highlighted that the Bitcoin payment option will be available to just US customers for now. He added that the rest of the world would have access to Bitcoin payments by the end of 2021.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.