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

The Tesla CEO said bitcoin paid to the company will stay as bitcoin and not be converted into fiat.

AccessTimeIconMar 24, 2021 at 9:03 a.m. UTC
Updated Sep 14, 2021 at 12:31 p.m. UTC

CEO Elon Musk said Tesla vehicles can now be purchased using bitcoin, increasing the company's sizable cryptocurrency holdings.

  • The Tesla CEO said via Twitter Wednesday the bitcoin the company receives 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 blockchain nodes directly using internal and open-source software.
  • The move will see Tesla add to its already sizable bitcoin holdings, which Musk revealed on Feb. 8. At the time, Tesla's trove was valued at $1.5 billion and is worth quite a bit more now.
  • Musk's tweet disclosing the purchase then propelled bitcoin to an all-time high of $44,801.
  • The news today will be welcomed by 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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.