Tesla CEO Elon Musk recently tweeted that Tesla has begun accepting Bitcoin as a payment method.
Earlier this year, the company had converted US$1.5 Billion to Bitcoin. That obviously came with consequences. After the major conversion to Bitcoin, now the company is ready to offer it as a payment method in the US, which was suggested in the Q4 2020 SEC filings.
Although Bitcoin has now spread all over the world and has made its name as a global currency, its payment options are available only in selected markets for now. There is some hope that Bitcoin as a payment method will soon be available in more and more markets. Accepting Bitcoin as payment comes with its own advantages, especially since the price of cryptocurrency is rising on a daily basis. As of now, 1 Bitcoin is worth the equivalent of A$71,089.46 (around US$53,863).
Some experts opine that if an individual is in the possession of a decent amount of Bitcoin, then spending some of it on various objects and devices, such as the Tesla in question, is probably a good idea. A report claims, “For some Bitcoin investors, their ultimate goal is to have the value of that investment grow to the point where they can exchange it for goods.” Exchanging Bitcoins to purchase a Tesla, for some, appears to be a good idea for most people in possession of Bitcoins.
Although Tesla has opened its doors to accept payments in Bitcoins, this feature is not available worldwide. Tesla only supports this mode of transaction for customers in the United States, but the company has plans to expand its markets in the future.