[Article updated 24 March 2021, 4.15pm]
Electric car giant Tesla has started accepting payment for its vehicles in the form of Bitcoin.
Tesla CEO Elon Musk tweeted the update today (March 24). He also added that Tesla only uses “internal and open source software, and directly operates Bitcoin nodes.”
Bitcoin paid to Tesla will be kept as Bitcoin and will not be converted into fiat currency.
At the time of writing this article, a Bitcoin is worth US $ 55,460.12 (S $ 74,715.32).
This option is not yet available in Singapore
Although Bitcoin is a global currency, the payment option appears to be available only in certain markets at this time. On Tesla’s US site, the option to pay with Bitcoin is Already available.
The Tesla support page also lists information about the new payment type. US buyers can initiate payment from their Bitcoin wallets by scanning the available QR code or by copying and pasting the Bitcoin address and exact amount of Bitcoin into their wallets.
However, Singaporeans will not yet be able to pay for their Tesla vehicles using Bitcoin, as the option is not available on the Tesla Singapore sales portal.
Earlier in February, Tesla received the green light to start selling its electric cars in Singapore.
According to Tesla’s support page, it only supports Bitcoin for customers in the continental United States, but will consider expanding into new markets in the future.
Elon Musk also added in a follow-up tweet that Bitcoin’s payment capability will be available outside the US “later this year”.
Featured Image Credit: Financial Times