Tesla Now Accepts Bitcoin in the U.S. It will take the cryptocurrency outside the US "later this year," Elon Musk tweeted.

By S Dent

This story originally appeared on Engadget

As it promised earlier this year, Tesla now accepts payment in Bitcoin, according to Tesla's website and a tweet from CEO Elon Musk. In a subsequent tweet, Musk said that "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to Fiat currency," and noted that the company uses internal, open source software and operates Bitcoin nodes directly. He added that "pay by Bitcoin capability [will be] available outside [the] US later this year."

According to a support page, you'll pay by Bitcoin from your wallet, either by scanning the QR code or copying and pasting the Bitcoin address and exact Bitcoin amount into your wallet. Tesla really wants you to send the exact amount of Bitcoin in a single payment, or your order may be cancelled. It will be confirmed by email within six hours, so don't try to resend it, even if the page doesn't refresh. Tesla only accepts Bitcoin and no other cryptocurrencies.

Tesla went into Bitcoin in a big way last month, purchasing $1.5 billion worth to "diversify and maximize" its investment. That decision was met with some surprise, given the volatility of Bitcoin prices and the fact that the amount represented a significant portion of Tesla's cash. The company also warned investors about potential "malicious attacks" and "technological obsolescence" that doesn't exist with fiat currencies. The price of a Bitcoin is now $55,880 (as of March 24, 2021 at 4:16 AM ET) and while Tesla never confirmed what it paid, the price was likely between $30,000 and 35,000.

If you decide to buy a Tesla with Bitcoin, bear in mind that it takes a staggering amount of electricity to mine a single Bitcoin — something that could heavily offset the environmental benefits of an EV.

Related: Elon Musk Hits Back at Claims That Teslas Could Be Used to Spy on Chinese Military Facilities

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

AI Is Going to 'Replace Everybody' in Several Fields, According to the 'Godfather of AI.' Here's Who He Says Should Be 'Terrified.'

Geoffrey Hinton, called the "Godfather of AI" due to his pioneering work on AI, says some fields face a heavier risk of replacement due to automation.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Leadership

How to Know When It's Time to Sell Your Business — Before It's Too Late

It's not always simple to recognize when it's time to move on. Here are three signs to look for to help you make the decision.

Taxes

Why New Tax Rules Could Be a Game Changer for Your Business

With the One Big Beautiful Bill Act making its way through Congress, entrepreneurs need to be ready for significant tax policy changes.

Business News

Duracell Accuses Energizer of 'Blatantly False Advertising' in Latest Legal Battle

Duracell and Energizer have been suing each other over advertising claims for years.

Marketing

Substack Just Launched a $20 Million Fund — Here's What It Means for the Future of Creator Control

Substack's $20 million creator fund is a clear signal that creator ownership and control are becoming the new standard. As platforms shift and algorithms change, creators are reclaiming their audiences, their income and their digital identities.