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Tesla launches much-awaited Bitcoin payment option

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A few weeks after Tesla sent ripples across the crypto-community with its $1.5 billion investment in Bitcoin, the electronic car manufacturer is in the news again today after the company officially opened the door to payments via Bitcoin.

The same was announced by CEO Elon Musk on Twitter, with the entrepreneur tweeting,

“You can now buy a Tesla with Bitcoin.”

Musk also went on to clarify that,

“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

News of Tesla finally accepting Bitcoin isn’t a surprise, however. After all, the same was referred to by the company’s February filing which categorically stated that it will soon be accepting the world’s largest cryptocurrency as a form of payment.

Accordingly, Tesla has also curated a special FAQ page for those who may want to peruse themselves of this option.

Source: Tesla

Needless to say, the development has been welcomed by most in the crypto-community, with the question “When Lambo?” likely to be replaced by “When Tesla?” soon enough.

Not everyone is happy, however, especially since the service right now is only available to customers based in the United States. According to Musk, “Pay by Bitcoin capability available outside the U.S later this year.”

Furthermore, there were others who questioned the rationale and motivation of the said development. For instance, one user asked,

“Isn’t Tesla’s goal to ‘accelerate the world’s transition to sustainable energy’? – Surly Bitcoin is the wrong crypto for this?”

Either way, such a development is a step in the right direction for crypto-adoption. In fact, it also validates the notion that big companies are willing to bet big on the world’s largest cryptocurrency. It must be noted, however, that BTC is the only crypto Tesla accepts. Right now, it’s unclear whether Tesla would push to include any other crypto-payment options.

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Jibin Mathew George is Editor-in-Chief at AMBCrypto. A domain expert in International Relations (European Politics), he has always been a believer in the unlimited possibilities afforded by blockchain and by extension, cryptocurrencies. As someone who has been watching and writing about this space for over 5 years now, Jibin has closely tracked the emergence of cryptos and digital assets as a separate asset class in portfolios world over. A lawyer by training, he previously contributed to the News and Research desk of Diplomacy & Beyond Plus. Before his stint at D&B, he was Editor at ED Times. Jibin also takes a great interest in politics, especially the corresponding effect political decisions and fiscal policy have on the world of finance, with a special focus on cryptocurrencies.
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