In brief

Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021
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-3.07%Reading
Tesla CEO Elon Musk announced today on Twitter, that the EV manufacturer has begun accepting payment for its range of electric cars in Bitcoin. A Bitcoin payment button has appeared on the Tesla website.
Notably, the Tesla chief executive added that it will hold any Bitcoin paid to the company rather than converting it to fiat currency; it will be added to the cryptocurrency reserves the carmaker already holds.
Earlier this year, Tesla bought $1.5 billion in Bitcoin. In its February SEC filing, the company said that it intended to accept payment in Bitcoin for its products, including its cars, in the near future. Tesla took just six weeks to fulfill its pledge.
Musk also revealed that Tesla is "using only internal and open source software and operates Bitcoin nodes directly."
Tesla is using only internal & open source software & operates Bitcoin nodes directly.
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
— Elon Musk (@elonmusk) March 24, 2021
He added that Tesla customers outside the US will be able to pay in Bitcoin later this year.
Bitcoin's price reacted favorably to the news, climbing back over $55,000, having lost ground earlier this week. In recent weeks, Musk’s tweets, about both Bitcoin and "joke" crypto Dogecoin, have helped to move the markets.
But as the price of Bitcoin rises, commentators have pointed out that very few people are likely to take Tesla up on its offer, because they want to hold on to their Bitcoin as an investment.
And Dallas Mavericks owner Mark Cuban recently told Decrypt that almost no one has paid the basketball team in Bitcoin, after it introduced the cryptocurrency as a payment option. "We actually took our first Bitcoin five or six years ago, only nobody bought anything [in Bitcoin], and the only reason I did it was to prove a point that no one's going to buy anything," he said.
Lamborghinis have been the traditional status symbol for Bitcoin millionaires. After today, expect to see more crypto influencers rolling up in Teslas. When Tesla reported its $1.5 billion purchase of Bitcoin to the US Securities and Exchange Commission, the electric automaker mentioned an important detail in the filing: It wasn’t just buying thousands of Bitcoin—it was going to start accepting them for its products, too. On March 24, Telsa CEO Elon Musk confirmed that the automaker is now offer...
Earlier this month, Musk updated his title to “Technoking of Tesla,” while Chief Financial Officer Zach Kirkhorn added the title “Master of Coin,” according to a regulatory filing. (They retain the titles Chief Executive Officer and Chief Financial Officer, respectively.)
But, with Bitcoin in the midst of a major market correction, Musk has seen his top spot on the list of the world’s richest people revised downward. The Tesla CEO was overtaken by Amazon founder Jeff Bezos on the Bloomberg Billionaires Index of the world’s richest people in January. He's now worth a mere $171 billion to Bezos's $184 billion.
That could all change if Musk can persuade people to part with their Bitcoin, and if Tesla overtakes Lamborghini as the Bitcoiner's car of choice.
Smoke from Nicaraguan cigars choked out the room as a heavy-set Bitcoin miner from the Deep South explained how the industry was expanding at an exponential rate. "You have no idea," he said at this year's Mining Disrupt pre-party in Fort Lauderdale, Florida, before following up with the common Bitcoiner maxim—repeated by President Trump on the campaign trail—that you should never sell your stash. Having been involved in the space since the early days, he recalled buying a Ferrari with orange c...
Elon Musk’s favorite cryptocurrency made a comeback at the end of last year as retail investors flooded back into the market to snap up Dogecoin. The coin was launched as a joke in 2013, but has persisted over the years and remained prominent. But just how serious is the business of mining the O.G. meme coin? People are actively buying the machines to do so, according to vendors at this year’s Mining Disrupt conference in Fort Lauderdale, Florida. Though the conference was heavily focused on th...
Banks can engage in cryptocurrency and other legally permitted activities without seeking prior regulatory approval, so long as they manage risks appropriately, The Federal Deposit Insurance Corporation announced Friday. The policy change rescinds a 2022 requirement that mandated FDIC-supervised institutions notify the agency before engaging in crypto-related activities. Under the new guidance, banks can offer services involving digital assets without the agency's advance permission. "With today...