Elon Musk okays purchase of Tesla using Bitcoin

Elon Musk okays purchase of Tesla using Bitcoin

The Tesla founder and Chief Executive Officer Elon Musk has said Tesla cars can now be bought using Bitcoin.

Musk has been on record championing for the cryptocurrency and said “Tesla is using only internal & open source software & operates Bitcoin nodes directly.”

“You can now buy a Tesla with Bitcoin,” said Musk on his Twitter account.

The Bitcoin paid to Tesla will be retained as Bitcoin, and will not be converted to fiat currency.

This is a ground-breaking move for the crypto, which has risen to unimaginable scales in the recent months to trade at Ksh.6 million per Bitcoin.

Even though the majority of states have not embraced the digital currency, Musk said Bitcoin will only be used in the United States to buy Tesla and the idea will be rolled out outside the U.S later in the year.

“Pay by Bitcoin capability available outside US later this year.”

Speaking to Metropol TV Digital, cryptocurrency enthusiast in Kenya and a Technical Analysis Day Trader said going for Tesla cars will be as easy as ordering for any product from Jumia, an e-commerce platform.

“It is like going to Jumia to buy a phone and there is an option of buying the gadget using M-Pesa option, that is the same thing because you will be able to buy Tesla using Bitcoin,” said Master Guantai.

One will not require intervention or assistance from any financial institution Buying Tesla using Bitcoin.

“If you ate a Kenyan and you need to buy Tesla, you don’t require permission from any bank. You just login into the website then transfer a bitcoin from your wallet. From there you contact them for the product shipment. ”added Guantai.

On February 21, the Central Bank of Nigeria (CBN) instructed commercial banks and other financial institutions to close accounts involved in transactions with cryptocurrency exchanges.

Central Banks and other financial intermediaries so far have no jurisdiction in managing exchanges of Cryptocurrencies.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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