Elon Musk, CEO of Tesla, has said the company has now begun accepting Bitcoin for car purchases.
According to Musk, bitcoins acquired from car purchases however will not be converted to fiat and will instead be retained as bitcoin, adding to the company’s bitcoin holdings.
Earlier in 2021, Tesla purchased $1.5 billion in bitcoin (7.7% of Tesla’s Gross Cash Holdings), and through an SEC filing, said it intends to accept bitcoin for payment for its cars and products.
Interestingly, Elon also announced that the company operates a bitcoin node and will only be using internal and open source software for these operations, revealing just how deep the car manufacturer is accepting and using the digital asset.
The ‘Pay by Bitcoin’ capability is currently only available in the US will be enabled later this year, according to Musk.
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