Elon Musk has now officially declared that people can buy Tesla cars with Bitcoins as a mode of payment. It said it had invested an aggregate of $1.5 billion in bitcoin under the changed policy and could “acquire and hold digital assets from time to time or long-term”. Bitcoin also surged more than 10% the day after to a record high of $43,625 after Tesla’s disclosure. 

World’s second richest man has announced about its Tesla cars which can now be easily purchased with cryptocurrency. Musk added that the Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency. “Tesla is using only internal & open source software & operates Bitcoin nodes directly,” he said.

CEO Elon Musk further added the ‘Pay by Bitcoin’ capability will be made available outside the US at the end of 2021.

In February, Tesla bought $1.5 billion worth of bitcoin. In a filing with the United States Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla had added that it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.”

Bitcoin, the world’s greatest computerized money, rose more than 4% after Musk’s tweet and was last up 3.5% at $56,178.

Before Tesla, who else has invested in Bitcoins?

Tesla is not the first company to convert a portion of its cash into cryptocurrency. Earlier in 2020, the US-based business intelligence company. Prior to 2020, the US-based business insight company MicroStrategy purchased $250 million worth of Bitcoin and reported designs to raise $400 million more to purchase a greater amount of the digital currency. 

Square another US-based monetary help organization headed by Twitter CEO Jack Dorsey also joined by picking up $50 million worth of Bitcoin.