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Bitcoin jumps after Musk says crypto will be accepted as payment for Tesla cars

The price of bitcoin surged almost 5% to over $57,000 on Wednesday, following Tesla CEO Elon Musk’s tweets saying it is now possible to buy the company’s vehicles in the United States using the cryptocurrency.

“Tesla is using only internal & open source software & operates Bitcoin nodes directly,” Musk wrote late Tuesday on Twitter, adding that “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”

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

In a follow-up tweet, the businessman announced: “You can now buy a Tesla with Bitcoin.” People outside the US will be able to buy a Tesla car with bitcoin “later this year,” he said, without specifying which countries.

READ MORE: Bitcoin shoots past $47,000 as Tesla announces plan to start accepting cryptocurrency

Musk’s tweets have been causing huge movements in the crypto market lately, while his company Tesla’s $1.5 billion bitcoin bet sent the digital currency soaring to record highs last month. The automaker announced the cryptocurrency purchase, saying that it would soon start accepting it as a form of payment for its cars.

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