Musk Says Teslas Can Now Be Bought Using Bitcoin That Will Be Stored, Not Turned to Fiat

Elon Musk has tweeted that Tesla vehicles can now be purchased using bitcoin, increasing the company’s sizeable cryptocurrency holdings.

• The Tesla CEO said via Twitter Wednesday that bitcoin paid to the company will stay as bitcoin and not be converted into fiat.
• This option will also be made available outside the U.S. later this year.
• Musk added that Tesla operates bitcoin nodes directly using internal and open-source software.

• The move will see Tesla add to its already sizeable bitcoin holdings which Musk revealed Feb. 8. At the time, Tesla's trove was valued at $1.5 billion; it's worth quite a bit more now.
• Musk's tweet disclosing the purchase propelled bitcoin to a then all-time-high of $44,801.
• The news today will be welcome for bitcoin investors who have seen the world's most valuable crypto tread water around the $55,000 mark in recent days.
• Musk's tweet has already given a lift to the price of bitcoin, which is currently at $56,293.57, up 3.45% in the last 24 hours.

See also: Bids for Elon Musk’s Crypto-Themed NFT Pass $1M