Tesla Starts Accepting Bitcoin Payments And Won’t Convert Them To Cash

Tesla starts accepting Bitcoin payments if you want to purchase a car and the company won’t convert the paid BTC into cash as we can see more in our latest Bitcoin news today.

Elon Musk announced on Twitter that Tesla starts accepting bitcoin payments for its range of cars. A BTC payment button appeared on the Tesla website as of today and Musk even added that the paid BTC will be retained in its original form and not converted to fiat currency but instead it will be added to the crypto reserves that the carmaker already holds.

You can now buy a Tesla with Bitcoin

— Elon Musk (@elonmusk) March 24, 2021

Earlier this year, Tesla purchased $1.5 billion in BTC and the company said in its SEC filing that it aims to accept payments in Bitcoin for its cars in the near future. That statement was made six weeks ago so it seems that the company delivered on its promise. Musk said that the company is using only internal and open source software by operating BTC nods directly and added that Tesla customers will be able to purchase BTC outside of the US later this year.

As recently reported, Without disclosing more details, Michael Saylor said in an interview that his conversation with Elon Musk influenced him to purchase $1.5 billion worth of BTC in January.  Additionally, he noted that the revolutionary technology caught the world by surprise which is why people outside the industry started accepting it. The news broke back in February that Tesla used funds from its balance sheet to purchase $1.5 billion worth of the cryptocurrency and this was a huge milestone in the BTC adoption cycle after a long history between Musk and Bitcoin.

Tesla is among the most vocal bullish investors in Bitcoin and now Baron Capital announced that it sold $1.7 million of the shares of its clients. Ron Baron, the founder of the investment management firm said that his firm sold TSLA stocks for the clients because they were apparently taking too much of the percentage of their portfolios but the billionaire investor clarified that he didn’t sell any of his 1.25 million shares. Baron Capital was holding about 6.1 million shares and the firm bought them at an average cost of $42.3 per share.