Elon Musk Says You Can Now Buy a Tesla With Bitcoin
【Summary】Tesla Chief Executive Elon Musk said on Wednesday that you can now buy a Tesla electric vehicle with Bitcoin, which might help to boost acceptance of the use of cryptocurrency in the auto industry.
Tesla Chief Executive Elon Musk said on Wednesday that you can now buy a Tesla electric vehicle with Bitcoin, which might help to boost acceptance of the use of cryptocurrency in the auto industry or for commerce.
In a tweet, Musk wrote, "You can now buy a Tesla with bitcoin." However its not clear if Tesla will eventually offer the bitcoin payment option for customers in the U.S. In his Twitter post, Musk added that the option would be available outside the U.S. later this year.
Tesla made headlines last month when Musk purchased $1.5 billion worth of bitcoin and said that Tesla would soon accept it as a form of payment. Musk's bitcoin purchase in early February resulted in its price jumping roughly 10% to a record high topping $44,000. But in the following weeks Musk's bold move sparked widespread interest in the cryptocurrency, sending its price to a record high of nearly $62,000 over the following weeks.
The price of bitcoin has since fallen from its record highs, but it rose round 4% after Musk's announcement. As of Wednesday, each bitcoin is worth $56,649.20.
What is Bitcoin?
Bitcoin and other cryptocurrencies are referred to as "digital currency." The technology emerged in 2008. Bitcoin transactions are made without the use of banks or any other financial institution, therefore they are not subject to fees or other charges third parties like banks collect from the movement of money between two parties.
Bitcoin can be used to make a purchase from any company that accepts the digital currency as payment.
Every transaction of Bitcoin from one party to another is stored in a distributed ledger called a blockchain that keeps track of all transactions. Each time a transaction occurs, the ledger is updated and shared among users, so the transfer of bitcoin ownership is entirely traceable.
This distributed and shared ledger offers the highest level of security. The field of cryptography is the foundation of Bitcoin and other cryptocurrencies, making each transaction highly secure.
Anyone with a computer can set up a Bitcoin address to anonymously receive or transfer the digital currency.
Tesla has already pioneered the use of new technology in the auto industry, including autonomous driving technology and building fully-electric vehicles that support over-the-air (OTA) software updates. But Tesla's plan to accept bitcoin as a form of payment for one of its electric vehicles or other products is unprecedented in the auto industry.
The company's investment in bitcoin further cements Tesla's position as an auto industry disruptor. However it is still unclear if legacy automakers will eventually come to accept the digital currency as a form of payment.
Software giant Microsoft was one of the first companies to accept Bitcoin back in 2014. The company allows customers in the U.S. to use bitcoin to purchase digital content, including apps and games for Windows products and its Xbox video game platform.
Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.
Baidu Inc. to Deploy 1,000 ‘Apollo Moon’ Level-4 Robotaxis Over the Next 3 Years in China
Ford Acquires California Startup Electriphi to Manage Charging for its Commercial Electric Vehicle Customers
Alphabet’s Autonomous Driving Unit Waymo Announces a New $2.5 Billion Funding Round
Continental & Elektrobit Announce the First In-Vehicle Integration of Amazon’s ‘Alexa Custom Assistant’
Ford Motor Co Officially Starts Production of the Rugged New Bronco SUV
GM’s Autonomous Driving Unit Cruise to Tap $5 Billion Credit Line to Mass Produce the Origin Autonomous Shuttle
Lidar Pioneer Velodyne Unveils its Next-Generation Velabit Sensor
CEO, CFO of Electric Truck Startup Lordstown Motors Abruptly Resign
- Xilinx Inc. Raises the Bar for Automotive Edge Computing with the World’s Highest AI Performance-per-Watt Processor
- The 2022 Electric Jaguar I-PACE Gets a New HSE Trim With a $69,900 Price Tag
- OneD Battery Sciences Announces Breakthrough Silicon EV Battery Technology called ‘SINANODE’
- California Senators Urge President Biden to Set Date for the Phase Out of Internal Combustion Engine Vehicles in the U.S.
- Apple in Talks to Build an EV Battery Factory in the U.S. with Chinese Battery Makers, Reports Say
- Senators Push NHTSA for Action After Latest Tesla Accident
- Autonomous Vehicle Mapping Company DeepMap Named One of the Most Innovative AI Startups by CB Insights
- Video Game Software Developer Unity is Partnering with HERE Technologies to Build 3D Maps for Vehicle Navigation Systems
- Mercedes-Benz to Introduce 4 New EVs in the U.S. By 2022
- Dominos is Delivering Pizzas in Houston Using Small Autonomous Vehicles Built by Silicon Valley Startup Nuro