After Tesla CEO Elon Musk’s announcement that the company will now accept payment for its products in Bitcoin, the price of the world’s largest cryptocurrency increased by almost 5%, Business Insider reports. Citing a tweet by Musk, the source says US-based customers can already use BTC for payment. Moreover, Bitcoin payments for international customers will be introduced later in 2021.
According to the source, the automaker will retain Bitcoin without converting it to fiat money. Tesla announced the plan to introduce BTC as a payment method earlier this year. In February, the company purchased Bitcoin worth $1.5 billion.
Other large companies besides Tesla accept payments for their products and services in Bitcoin. This includes Microsoft, streaming platform Twitch, online travel booking website Expedia, luxury hotel chain The Kessler Collection, beauty retailer Lush, and a number of others.
As per CoinMarketCap’s current data, Bitcoin is up by 3.88% in the past 24 hours. It is trading at around $57,000 at the time of writing.