- By Henry Faulkner Brittany
- June 27, 2022
Elon Musk tweet today: “You can now buy a Tesla with Bitcoin.” Company chief Elon Musk said in one of his tweets that Tesla customers can now buy their car with Bitcoin.
Mr. Elon Musk, who is a Bitcoin enthusiast, made this unexpected announcement in his tweet. But there is no stability in bitcoin’s price, so it seems as the cryptocurrency price of the car could move up and down if you buy a Tesla with bitcoin.
Tesla has made a heavy investment in the digital currency, bought $1.5bn (£1.1bn) worth of bitcoin.
Elon Musk made this tweet on Wednesday and this announcement led to a modest bump to the price of Bitcoin.
Mr. Elon Musk tweet Tesla has its own internal software to handle bitcoin payments, which “operates Bitcoin nodes directly.”
Nodes – meaning the computer that is used to process Bitcoin transactions.
And in a clear bid to allay the fears of bitcoin enthusiasts who want to see the ecosystem thrive, “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency,” Elon Musk tweet today.
Tesla car’s orders have now secured the equivalent of a $100 deposit in Bitcoin in the US.
In the United States, orders for new Tesla cars can now be obtained with the equivalent of a $100 deposit in Bitcoin.
Apart from this, Elon Musk said “This facility would be rolled out to other countries in coming months.”
The volatile value of Bitcoin makes its use a bit more complicated to buy real-world goods.
For example, The terms and conditions of Tesla say if there’s any need for a refund, it can pay in either the exact amount of Bitcoin paid or in US dollars based on the dollar price of the car- whichever it wants.
So, if the price of the Bitcoin bump before the issuance of a refund, the customer could lose out.