Bitcoin Jumps After Tesla Begins Accepting Crypto as Payment for Cars

The price of bitcoin rose by nearly 5% to above $55,000 on Wednesday, after Elon Musk confirmed that Tesla will now begin accepting Bitcoin as payment.

In a series of early-morning tweets, Tesla CEO Elon Musk said US customers will now officially be able to purchase Teslas using bitcoin— noting that international buyers will be able to use the cryptocurrency as payment later this year. “Tesla is using only internal & open source software & operates Bitcoin nodes directly,” Musk tweeted. This is likely so the carmaker doesn’t have to depend on a third party crypto trading desk such as the one provided by Goldman Sachs.

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” Musk added. The CEO’s tweets have caused significant movements in cryptocurrencies as of late, especially once Tesla made a $1.5 billion bitcoin bet which sent the digital coin surging to a new record in February.

Information for this briefing was found via Twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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