Based on the prices of bitcoin, it seems that the market really believes that bitcoin is a valuable commodity. However, spending your bitcoin, at least directly, isn’t as widely available yet so it’s not as if you’ll be able to walk into your local supermarket and pay for groceries using the cryptocurrency.

Advertising

However, if you do have enough bitcoin lying around, Tesla is more than happy to accept it. In a tweet from Tesla’s CEO Elon Musk, he has announced that the company will now be accepting payment in bitcoin. Right now, this is only available in the US, but Musk states that they do eventually plan on bringing it to other countries later on.

He also notes, somewhat interestingly, that Tesla will be accepting bitcoin and keeping it as it is instead of converting it to fiat currency (“regular” money, if you will). This means that Musk seems to be betting on the future that bitcoin’s value will rise in value and make whatever bitcoin the company is holding on to even more valuable.

That’s the thing about trading in cryptocurrency like bitcoin. For example if one bitcoin is worth $10,000 and you purchase something that costs one bitcoin, and in the future its value goes up to $15,000, in a way you are kind of losing out. The reverse is true if the value drops, where the seller could lose money because bitcoin is now valued less, but it seems that that is a gamble Musk is willing to make.

Filed in Transportation. Read more about , , and .

Related Articles on Ubergizmo