Tesla vehicles can now be bought using bitcoin, Musk says

Business

FILE – In this Feb. 2, 2020, file photo, the company logo appears on an unsold 2020 Model X at a Tesla dealership in Littleton, Colo. (AP Photo/David Zalubowski, File)

PALO ALTO, Calif. (Reuters) —Tesla Inc chief Elon Musk said on Wednesday that a Tesla vehicle can now be bought using bitcoin and the option will be available outside the United States later this year.

“You can now buy a Tesla with bitcoin,” he tweeted on Wednesday. “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

Last month, Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment for cars, sending the price of the world’s most popular cryptocurrency soaring.

Musk, who has been promoting cryptocurrencies through his Twitter account, had last month criticized 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, several companies, including Uber Technologies Inc and Twitter Inc had shared their views on the cryptocurrency.

Uber Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and “quickly dismissed” the idea of investing in bitcoin. However, he added that Uber could potentially accept the cryptocurrency as payment.

Twitter had said earlier it was still undecided in holding bitcoin, while General Motors Co said it will evaluate whether bitcoin can be accepted as payment for its vehicles.

Tesla recently added “Technoking of Tesla” to Musk’s list of official titles.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Arun Koyyur)

© 2021 Thomson Reuters.

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