Tesla customers will be able to buy its electric cars by paying with bitcoin, according to CEO Elon Musk, which represents a major step for the evolution of the use of bitcoin commercially. Note that Tesla said last month that it had bought a quantity of Bitcoin worth 1.5 billion dollars and that it would accept it as a means of payment for the purchase of its cars, which ignited the digital currency market and pushed it to a record value of 62,000 dollars, and the currency recorded a 4% increase after Billionaire Elon Musk’s last tweet was worth $56,178, up 3.5%.
Musk stated that the bitcoins that will be paid to Tesla will not be converted into fiat currencies, as most of the leading companies that allow their customers to pay in bitcoin such as AT&T and Microsoft, usually use special payment processors that convert digital currency into dollars (for example) and send them to the company’s fund, but Bitcoin, like its digital counterparts, still suffers from a lack of use in trade within major economies due to its price fluctuations and its relatively slow and expensive processing.
After Tesla invested in bitcoin, companies like Mastercard and BNY Mellon followed suit in supporting this new emerging asset class, and the CEO of Uber stated that his company had discussed and “quickly rejected” the idea of investing in bitcoin. but added that the company may accept cryptocurrency as a payment method, while General Motors said it is evaluating the possibility of accepting bitcoin as payment for its vehicles.