Tesla Vehicles Can Now be Purchased With Bitcoin

Customers of Tesla can now purchase their entire vehicle line up with Bitcoin in an announcement by CEO Elon Musk on Twitter Wednesday morning.

“You can now buy a Tesla with Bitcoin” was published to Elon Musk’s Twitter account at 3:02 a.m. EST, and was accompanied by further confirmation that European and Asian buyers would be able to do the same later this year.

Tesla purchased $1.5 billion in Bitcoin in February with promises to offer the cryptocurrency as a payment option for customers. Bitcoin’s value has responded favorably to the news, climbing to $56,868 (+4.61%). The popular cryptocurrency spiked to $62,000 after Tesla’s purchase back in February, but recent volatility in the markets has disrupted its progress.

Major financial institutions have showed interest in allowing its customers to trade Bitcoin, with Mastercard and New York Bank of Melon making moves to add it to their rosters. 

Cryptocurrency still remains largely unused by the majority of the population for every day transactions, mostly due to its extreme volatility when compared to other currency systems. Economists and investors are somewhat split over the future of Bitcoin and other crypto, given its inefficient decryption protocols and market instability.

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