The adoption of Bitcoin has taken a massive jump today after Elon Musk, the CEO of the world’s largest electric-car maker Tesla, confirmed that the company has enabled BTC as a mode of payment for its products.
According to the official announcement by Elon Musk, crypto users are allowed to buy Tesla products including Model S, Model 3, Model X, Model Y, Cybertruck and various other products through the world’s largest cryptocurrency Bitcoin.
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“You can now buy a Tesla with Bitcoin,” Elon Musk tweeted. The latest announcement by Musk took Twitter by storm as the CEO of Tesla has nearly 50 million followers. Tesla revealed its $1.5 billion BTC investment in February this year and mentioned that the company is planning to accept the world’s largest cryptocurrency as a mode of payment.
“Tesla is using only internal & open-source software & operates Bitcoin nodes directly. BTC paid to Tesla will be retained as Bitcoin, not converted to fiat currency. Pay by BTC capability available outside the US later this year,” Musk added.
Bitcoin jumped nearly 5% following the announcement by the Tesla CEO. The digital currency is now trading near $56,000 with a total market cap of more than $1 trillion.
Adoption of Bitcoin
BTC’s adoption has increased significantly since the start of 2021. Several companies around the world have started accepting Bitcoin as a mode of payment. The total number of global cryptocurrency users is surging. Finance Magnates earlier reported that the number of crypto users around the world has reached 106 million. Mastercard, one of the world’s largest financial firms, announced earlier this year that the company is planning to accept BTC and other cryptocurrencies. Al Kelly, the CEO of Visa, said last week that the company is planning to enable the buying of Bitcoin on Visa credentials.
“We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with BTC wallets to allow the bitcoin to be translated into a fiat currency,” Kelly said last week.