Tesla founder Elon Musk is further establishing Bitcoins in his business model. He recently announced the details on Twitter – and the price is picking up.
Tesla founder and self-proclaimed technoking Elon Musk is bringing the Bitcoin exchange rate out of its short-lived slump – with a series of tweets, of course. That’s because customers will be able to buy their Tesla with Bitcoins (BTC) in the U.S. starting Wednesday. In the course of the year, customers outside the US will also be able to pay for Tesla cars with the crypto coins.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
The news brought the price out of its two-week low within a few hours. On Tuesday, one coin of the world’s largest cryptocurrency cost $53,498. Two hours after Musk’s tweet on Wednesday, the price had already climbed to more than $56,000 – a jump of $3,000.
Musk does not convert Bitcoins to dollars
Among crypto investors, the Tesla founder’s further announcements provided confidence: because Musk tweeted that the Bitcoins used to buy Tesla cars will not be converted into fiat money, i.e. currencies such as the US dollar or euro.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
With this, the Tesla founder further commits himself to the cryptocurrency. Musk himself has invested billions in Bitcoin and his tweets often cause turbulence on the market – not only for Bitcoin, but also for stocks such as Gamestop a few weeks ago.
A Tesla-branded car costs between just under 43,000 and almost 96,000 euros, depending on the model. If these sums stay in the Bitcoin market and are not converted into dollars, it will give the currency more stability. Moreover, Musk’s decision brings Bitcoin one step closer to being used as a legitimate means of payment.
