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Elon Musk says people can buy a Tesla vehicle to use bitcoin

Tesla chief Elon Musk said on Wednesday electric vehicles can now be purchased from the company via Bitcoin and will be available later this year outside the United States.

He tweeted on Wednesday, adding that Tesla's bitcoin paid will not be converted to conventional currency: "You can buy Tesla with a bitcoin."

A support page on Tesla's website explains how the digital currency allows consumers to pay for a Tesla. Electric cars of the company usually cost $37,990 to $124,000 prior to taxes.

Last month, electric car makers said they purchased 1,5 billion dollars of bitcoin and quickly accepted it as a way of paying for vehicles sending the world's most famous cryptocurrency ups and downs.

Musk, whose Twitter account promoted Cryptocurrencies, criticized conventional cash last month saying, "If it has a negative real interest, only a fool wouldn't look anywhere else."

He said it was "adventurous" to have the bitcoin difference from cash in the S&P 500 company.

In a study note on Wedbush Daniel Ives said that his company can't know Tesla until the second half of this year to begin accepting Bitcoin payments.

"This is a crucial moment for Tesla and the crypto-world where the red tape on Bitcoin transactions in the wider Tesla ecosystem has now been cut," stated Ives. Ives. "It is expected that less than 5% of transactions will take place in Bitcoin over the next 12-18 months, but over time this may increase as crypto acceptance starts propping up in the coming years."

After Tesla's Bitcoin investment, many companies, including Uber and Twitter, shared their views on the cryptocurrency.

The Ride-Hailing company debated the idea of investing in bitcoin and 'rejected' it as Uber Chief Executive Dara Khosrowshahi said. He added, however, that Uber might accept cryptocurrency as payment.

Twitter had said before that it was still undecided to hold bitcoin and General Motors Co had stated that it would assess whether bitcoin could be accepted as a car payment.

Tesla has just made waves among the masses of Musk fans on the social media platforms by awarding the great title "Technoking of Tesla" to its chief executive.
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