Bitcoin News: Tesla makes it official with a special statement – BTC is money
Tesla announced in a report to the SEC earlier this year that it would accept Bitcoin (BTC) as a form of payment. Now the automotive giant is backing up its words with action.
Elon Musk announced that Tesla cars can now be bought with Bitcoin (BTC). The CEO of the electric car company and „technoking“ also announced that the company would directly operate Bitcoin Trader nodes and that they will hold the BTC they accumulate without converting it into fiat.
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.
– Elon Musk (@elonmusk) March 24, 2021
Tesla first signalled its intentions to take this step when it announced in early February that it would accept Bitcoin as payment for its products. The news came in the same breath as the company’s US$1.5 billion purchase of the digital asset. For now, however, the option to buy a Tesla with BTC is reserved for customers based in the US.
Tesla news boosts the entire crypto market
But there is more bullish news that seems to have boosted today’s Bitcoin price. Namely, Elon Musk insists that the Bitcoins earned from the sale of the vehicles will not be converted into fiat, hinting that BTC will not only be used as a transaction medium, but preferably as an investment vehicle.
By operating its own dedicated Bitcoin nodes, Tesla joins a global network of peer-to-peer operations that host and simultaneously synchronise the Bitcoin blockchain. US customers of Tesla’s website can now see a new Bitcoin payment widget added to checkout options through a resident IP address.
The consequence of Tesla accepting Bitcoin was seemingly evident across the cryptocurrency market early Wednesday morning. The news saw the dollar-denominated value of Bitcoin rise by 2.9%, from $54,056 to $55,630.
Bitcoin is money
Tesla’s Bitcoin Terms and Conditions further note that Bitcoin is the only digital asset Tesla currently accepts as payment for its products
You may not make purchases from us using any other digital asset, including Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to recognise or receive digital assets other than Bitcoin.
The implications of the fact that Bitcoin (BTC) is not only accepted as a means of payment by one of the largest companies in the world, but also stored without converting it into fiat currencies, cannot be overstated. Because the statement behind it is a clear one and it is: Bitcoin is money.