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'You Can Now Buy a Tesla With Bitcoin,' Elon Musk Says

Musk also stated Bitcoin paid to Tesla will be retained as Bitcoin and won't be converted to fiat currency.

'You Can Now Buy a Tesla With Bitcoin,' Elon Musk Says
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Elon Musk said on Wednesday, "you can now buy a Tesla with Bitcoin", according to a tweet from the Tesla CEO.

The price of a single bitcoin rose nearly 3 percent to hit $56,242 around 4:20 a.m. ET. following Musk's tweet. This climb is more than enough to buy an entry-level Tesla Model 3 which costs just under $40,000.

After some Twitter users noticed the updated Bitcoin support for Tesla's cars across online U.S. stores, Musk made the announcement on Twitter. 

The 'Technoking of Tesla' and Bitcoin

This announcement comes following Elon Musk's frequent comments about cryptocurrency, including Dogecoin, on social media.

Tesla CEO had previously announced Tesla's purchase of $1.5 billion of bitcoin. The company had also revealed it is working towards allowing Tesla customers to buy cars via Bitcoin payments. Now, if you're an owner of Bitcoin, you can directly make your payment through Tesla. 

Musk further explained in a subsequent tweet that Tesla is using only internal and open-source software and operates Bitcoin nodes directly which are computers that validate Bitcoin transactions. Moreover, Bitcoin paid to Tesla will not be converted into regular currency.

The option is currently available to those in the U.S. "Pay by Bitcoin" capability as Musk called it, will be available outside the U.S. later this year.

While Musk had expressed skepticism about cryptocurrencies in the past, his stance on the issue has long changed. Most recently in February, the Tesla CEO said in an interview on social app Clubhouse that he thinks Bitcoin is about to get "broad acceptance by conventional finance people" and that he wishes he bought into Bitcoin much earlier. "I should have at least... bought Bitcoin eight years ago. I was a little slow on the uptake, there. I was late to the party, but I'm a supporter of Bitcoin," he said.

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This was a breaking story and wasregularly updated as new information became available.

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