“You Can Now Buy a Tesla With Bitcoin”

By Timothy Sykes

Last updated on March 24, 2021
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According to a late-night tweet from Tesla, Inc. (NASDAQ: TSLA) founder and CEO Elon Musk, “You can now buy a Tesla with Bitcoin.”

On its website, Tesla now offers the option to check out with bitcoin.

Musk added in a second tweet that “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”  This alleviates some concerns of added selling pressure, which could have sent the price of bitcoin lower.

Last month, the company made an investment of $1.5 billion into the digital currency, news that rocketed bitcoin to new all-time highs. In the days after the investment was made public, Musk said on Twitter that “Having some Bitcoin … is simply a less dumb form of liquidity than cash.”

The announcement of the investment was made through an SEC filing that noted Tesla’s intention to begin accepting Bitcoin as payment “in the near future.”

Since the investment was made public, the price of Bitcoin has continued to climb, reaching $61,750 on March 15. According to a CBNC report, Daniel Ives, an analyst at Wedbush Securities, wrote that Tesla is “on a trajectory to make more from its Bitcoin investments than profits from selling its … cars.”

Tesla joins a growing number of businesses that accept bitcoin as payment. According to Insider Monkey, those companies include:

  • Starbucks Corporation (NASDAQ: SBUX)
  • Overstock.com, Inc. (NASDAQ: OSTK)
  • The Home Depot, Inc. (NYSE: HD)
  • AT&T Inc. (NYSE: T)
  • Microsoft Corporation (NASDAQ: MSFT)

TSLA stock price rose slightly in premarket trading. At writing, it’s up about 1.7% to $673.48. Bitcoin is hovering near $56,000, up about 3% on the day.

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Comments (1)
Author imageTimothy Sykes
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