Bitcoin paid to Tesla will not be converted into conventional currency.
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By Reuters | Updated: 24 March 2021 18:00 IST
Highlights
Tesla would soon accept Bitcoin as a form of payment for cars
The news has send the price of Bitcoin soaring
Uber and Twitter had shared their views on the cryptocurrency
Musk, who has been promoting cryptocurrencies, had last month criticised conventional cash
Tesla chief Elon Musk said on Wednesday the company's electric vehicles can now be bought using Bitcoin and the option will be available outside the United States later this year.
"You can now buy a Tesla with bitcoin," he tweeted on Wednesday, adding that Bitcoin paid to Tesla will not be converted into conventional currency.
The electric-car maker had last month said it bought $1.5 billion (roughly Rs.10,920 crores) of Bitcoin and would soon accept it as a form of payment for cars, sending the price of the world's most popular cryptocurrency soaring.
Musk, who has been promoting cryptocurrencies through his Twitter account, had last month criticised conventional cash, saying when it "has negative real interest, only a fool wouldn't look elsewhere."
He had said that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency.
Following Tesla's investment in Bitcoin, several companies, including Uber and Twitter had shared their views on the cryptocurrency.
Uber Chief Executive Dara Khosrowshahi said the ride-hailing company discussed and "quickly dismissed" the idea of investing in Bitcoin. However, he added that Uber could potentially accept the cryptocurrency as payment.
Twitter had said earlier it was still undecided in holding Bitcoin, while General Motors said it will evaluate whether Bitcoin can be accepted as payment for its vehicles.
Tesla recently added "Technoking of Tesla" to Musk's list of official titles.
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