Bitcoin can now be used to purchase Tesla electric vehicles.
On the 24th (local time), Elon Musk, Tesla CEO, announced on Twitter that “from now on, Tesla will receive bitcoin payments.”
In fact, from this day on, Tesla is showing Bitcoin options along with credit cards as payment methods for Model S, Model 3, Model X, and Model Y.
Currently, the price of 1 bitcoin is $53,000 based on the global average market price. Therefore, Model 3, which costs less than $40,000, can be bought with one bitcoin. The most expensive Model X in the Tesla lineup is about $120,000, which can be purchased with a little more than two bitcoins.
Musk also posted on Twitter that bitcoins received from Tesla sales will not be exchanged for fiat currency.
In addition, it is currently only possible to pay with bitcoin in the US, but by the end of this year, other countries also plan to offer bitcoin payment options.
Since Tesla adopted bitcoin payments, the price of bitcoin has jumped 5% at one time to $56,000. However, it has declined sharply since then and is currently trading at the level of 52,000 to 53,000 dollars.
Tesla’s support for Bitcoin payments has been announced. In January, Tesla reported to the US Securities and Exchange Commission (SEC) that it had invested $1.5 billion in Bitcoin, and said in the report that “it plans to adopt Bitcoin as a payment method for our products in the near future.” There is a bar. The report was released in early February, and it served as a good news to raise the price of bitcoin by 13% at the time.
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It is analyzed that Tesla’s support for bitcoin payments can play a decisive role in the spread of practical use cases of bitcoin in the future.
Dan Ives, an analyst at Ward Bush Securities, said Tesla’s decision “will be an important moment for both Tesla and cryptocurrency baptism.” He said, “In the next 12 to 18 months, Tesla purchase payments using bitcoin are expected to be less than about 5% of the total, but we expect it to increase over time.”