Tesla and Elon Musk have been putting a lot of attention towards the popular cryptocurrency Bitcoin recently. Whether it was the teases via hashtags on Twitter or a massive investment which converted more than a billion USD over to the currency, the company has clearly been gearing up to adapt Bitcoin into its foundation and transactions. That point has apparently come to pass as Elon Musk announced that Tesla is now able to accept Bitcoin as legitimate payment on transactions in the US.
Elon Musk recently made the announcement that Tesla products could now be bought with Bitcoin on his personal Twitter on March 24, 2021. According to Musk, the previously teased opportunity is now open on transactions taking place in the United States. Tesla transactions with Bitcoin outside the US are planned to be available later in 2021. This follows on a series of teases that began with Elon Musk initially including Bitcoin as a hashtag in his Twitter bio back in late January. The value of the cryptocurrency jumped 20% just on that, but it’s also continued to gain value, crossing over $54,000 per single unit value recently.
You can now buy a Tesla with Bitcoin— Elon Musk (@elonmusk) March 24, 2021
It’s hasn’t just been memes and tomfoolery from Elon Musk either. It was back in February that Tesla revealed it had converted $1.5 billion into Bitcoin and was plotting the efforts to allow Bitcoin transactions as legitimate tender for Tesla products. As Elon Musk took on the somewhat whimsical title of Technoking of Tesla, company CFO Zack Kirkhorn was given the title, Master of Coin, further signaling the company effort. With Tesla moving deeper and deeper into Bitcoin, it will likely continue to drive further value and legitimacy to the cryptocurrency market.
As aforementioned, though US Tesla transactions are now payable via Bitcoin, the company still has work to do in allowing it beyond United States territory. We will continue to watch this story for further updates as Tesla pursues that availability later this year.