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On Wednesday, the "Techno-king" of Tesla made a post on Twitter that the electric car maker has added Bitcoin as a payment method. According to Elon Musk, the selection is available to customers in the US, but will be available in other countries later this year.
Musk made the post shortly after Twitter users noticed updated bitcoin support for all Tesla car models in U.S. online stores. "Elon," "Tesla," and "#Bitcoin " quickly became popular hashtags on social media.
The price of bitcoin rose by 5%, to $56,175. It has grown by 90% since the beginning of the year and by more than 800% in the last 12 months.
Data about bitcoin payments on the Tesla website was sent to the web wallet address at BTC.com. Last month, the automaker said it had invested $1.5 billion in the digital asset and said it would soon begin accepting it as a payment method for cars. Tesla shares rose about 2% in pre-sale trading on Wednesday.
According to the support page, you will pay with Bitcoin from your wallet, either by scanning the QR code, or by copying and pasting the Bitcoin address and the exact amount of Bitcoin into your wallet. Tesla really wants you to send the exact amount of Bitcoin in a single payment, otherwise your order may be canceled. It will be confirmed by email within six hours, so don't try to resend it even if the page doesn't update. Tesla accepts only Bitcoins and no other cryptocurrencies.
Last month, Tesla entered the bitcoin industry, buying $1.5 billion to diversify and maximize its investments. This decision was met with some surprise, given the volatility of bitcoin prices and the fact that this amount accounted for a significant portion of Tesla's cash. The company also warned investors of potential "malicious attacks" and "technological obsolescence" that do not exist with paper currencies.
If you decide to buy a Tesla for Bitcoin, keep in mind that mining a single bitcoin requires a staggering amount of electricity, which can largely offset the environmental benefits of an electric car.
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