Elon Musk: ‘You Can Now Buy Tesla with Bitcoin’

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Elon Musk said that you could finally buy Tesla with Bitcoin today, after having announced it would accept the cryptocurrency as a form of payment in a Securities and Exchange Commission filing in January.

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“You can now buy Tesla with Bitcoin,” the newly self-named Technoking tweeted.

Musk changed his title and that of his CFO to Technoking and Master of Coins, respectively, in an SEC filing earlier this month.

“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,” he added.

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Musk also revealed last month that Tesla had bought $1.5 billion in Bitcoin.

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To pay using bitcoins, the company’s support page explains that one needs to “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 crypto is accepted in the United States only at this time, but Tesla “will consider expanding into new markets in the future.”

As of this morning, Bitcoin, which broke the $60,000 ceiling earlier this month, stood at $56,600. Tesla shares were up 1.1% at $655.

Tesla became the newest S&P 500 member when it joined the index in December 2020. Its market value soared to more than $800 billion in the 12 months leading up to January before dropping to less than $600 billion in February, according to CNBC. It now stands at approximately $635 billion.

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About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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