Elon Musk allows buying Tesla cars using bitcoins, bitcoin still drops 10% from previous week

In a major set of developments, Tesla Inc chief and world’s second richest man Elon Musk has announced that now anybody can buy Tesla cars using bitcoins. The announcement was made on Twitter yesterday and crypto community has welcomed it with all its heart.

Musk announced using bitcoin as a legal form of tender for purchasing his company’s car almost a month after he himself invested an aggregate of $ 1.5 billion in the bitcoin. That previous decision of Elon Musk had given a massive boost to bitcoin, taking it to its All time high at that stage, at $ 43,625 after the prices surged for 10% on that day.

“You can now buy a Tesla with bitcoin,” the electric car company’s chief tweeted on Wednesday.

Even though this decision of accepting bitcoins for the purchase of Tesla cars has only provided a firm base for crypto community who has been advocating for governments and other financial organizations to accept cryptocurrency as a legal tender, it still couldn’t surge the price of bitcoins which everybody expected after such a move. In fact, the bitcoin has seen a 10% dip from its price on last Thursday and 3.4% fall from previous day.

Currently, BTC is trading at $ 53, 100 which has come as a surprise to everyone. However, bitcoin is expected to rise again from the fall and find its feet again in the upcoming days after this sudden decline.

Musk’s tweet on the recent development also came up with some additional information. Currently, this announcement is only valid for US citizens, i.e, only US citizens can buy a Tesla using bitcoins but the capability will be open to other countries by the end of the year.

The announcement also came up with a disclaimer saying any amount of bitcoin paid to Tesla will stay only as bitcoin and won’t be converted into any Fiat currency.

Not much after Elon Musk made this announcement, Uber Technology Inc also hinted towards accepting cryptocurrency as a mode of payment in future even though the company has no plans of investing in bitcoin.

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