Tesla to accept bitcoin as a means of payment

Tesla says it will soon accept bitcoins as a means of payment. Elon Musk’s company has also made a $1.5 billion investment in the digital currency. Musk has long been known as an advocate of cryptocurrency.

The $1.5 billion investment in bitcoins is reported in a document that Tesla has submitted to the US stock watchdog SEC. It also states that the car manufacturer expects to start accepting bitcoins as a payment method ‘soon’. Exactly when that will be and how it will be implemented is not yet known.

The document states that the possibility of paying with bitcoins will depend on legal provisions and initially it will be a limited option. That could mean that Tesla only accepts bitcoin as a means of payment in certain regions.

Tesla is the first automaker to allow payments in bitcoins and one of the few major companies to accept cryptocurrency as a means of payment. Microsoft also accepts bitcoins; at the tech company, users can top up their account with the digital currency.

Bitcoin’s value has increased in recent months. After the announcement of Tesla’s investment, the value has continued to rise. At the time of writing, a bitcoin is worth around 36,000 euros.

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