The key word is “almost”. Musk’s decision to add bitcoin to Tesla’s balance sheet followed an exchange he had with MicroStrategy CEO Michael Saylor, who in December announced his company had accumulated $1.3 billion worth of the cryptocurrency. Elon Musk, the billionaire chief executive of electric car-maker Tesla TSLA, shook Wall Street this week when he revealed his company had bought $1.5 billion of bitcoin. Mutual fund and ETF data provided by Lipper. On February 8th, Elon Musk and Tesla announced the purchase of $1.5 billion Bitcoin, noting that his company planned to further accept BTC as payment.Just about every crypto trader knows by now that this announcement skyrocketed Bitcoin’s price, subsequently bringing the entire market upwards, but was this decision to buy bitcoin really a sound move? Elon Musk’s Tesla (TSLA) has purchased $1.5 billion in bitcoin as a treasury reserve asset. Earnings estimates data provided by Zacks. Tesla chief Elon Musk said on Wednesday the company's electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year. The automaker last month revealed that it had bought $1.5 billion worth of bitcoin and that it would soon start accepting the world's most popular cryptocurrency as a form of payment. The 10-year real yield was around -0.8% on Friday while the 30-year real yield turned positive. Tesla CEO Elon Musk announced late Tuesday that it is now possible to buy Tesla vehicles in the U.S. with bitcoin. BitClout. The company's electric vehicles typically cost between $37,990 and $124,000 before tax. It also noted it may soon accept bitcoin as payment for its cars. Tesla Inc chief Elon Musk said on Wednesday the company's electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year. People outside the U.S. will be able to buy a Tesla with bitcoin "later this year," Musk said, without specifying which countries. Bitcoin paid to Tesla will be retained as Bitcoin, Musk tweeted, and not converted to traditional currency. Ives told CNBC last month that Tesla’s share price is now directly tied to the value of bitcoin. Tesla can now be bought for bitcoin, Elon Musk says. "You can now buy a Tesla with Bitcoin," tweeted Musk, who was officially made the "Technoking of Tesla" this month. Market Data provided by Interactive Data (Terms & Conditions). Data is a real-time snapshot *Data is delayed at least 15 minutes. Elon Musk's account on BitClout. Consequently, the rumour that he has invested in the likes of Bitcoin Evolution and Bitcoin Profit is unfounded. — Elon Musk (@elonmusk) February 19, 2021 Reflecting on his personal stance, Musk noted he … Elon Musk said that you could finally buy Tesla with Bitcoin today, after having announced it would accept the cryptocurrency as a form of payment in … Nodes are computers on bitcoin's network that work to verify transactions and avoid the cryptocurrency from being spent twice. The Tesla CEO said he believes BTC is on the brink of achieving “broad acceptance” in conventional finance circles. London (CNN Business) Bitcoin fans looking for ways to spend their cryptocurrency fortunes can add a big ticket item to the list: a Tesla. The automaker last month revealed that it had bought … Elon Musk has confirmed that he is a supporter of Bitcoin… but admitted that he’s rather late to the party. However, Elon Musk has not expressed interest in any bitcoin robot. Lansdowne Partners fund manager Per Lekander told CNBC last week that he thinks Tesla is in a bubble and that he's short on Musk's firm, meaning he will profit if the value of Tesla's stock falls. The Fed has said interest rates will remain low through at least the end of 2023. "You can now buy a Tesla with bitcoin," Musk tweeted in a thread early Wednesday. FAQ - Updated Privacy Policy. Researchers at the University of Cambridge found that it uses more electricity on an annual basis than the whole of Argentina. Tesla's image as an environmentally-friendly car company sits at odds with the bitcoin network's colossal carbon footprint. Bitcoin is almost as bs as fiat money. Bitcoin has hit record highs for a second day after Elon Musk's car company Tesla said it had bought about $1.5bn (£1.1bn) of the cryptocurrency. A Division of NBCUniversal. Real-time quotes provided by BATS BZX Real-Time Price. Within roughly one hour of Elon Musk changing his Twitter bio to #bitcoin on January 29, 2021, the price of Bitcoin skyrocketed from around $32,000 to nearly $38,000. Economic data provided by Econoday. ", In order to accept the payment, Elon Musk said Tesla is using "internal" and "open source software. Making the announcement on Twitter, Musk said that Tesla electric cars were now available for purchase in the U.S. A 2018 paper published in Nature, arguably the most prestigious academic journal in the world, found that bitcoin emissions alone could push global warming above 2 degrees Celsius. "This is a seminal moment for Tesla and for the crypto world with Musk now cutting the red ribbon on Bitcoin transactions within he broader Tesla ecosystem," said Ives. © 2021 CNBC LLC. On February 8, electric car maker Elon Musk revealed Tesla’s (NASDAQ:TSLA) US$1.5 billion investment in Bitcoin. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox. Volatility of digital assets has complicated use for payments. Dow Jones & Company Terms & Conditions. CNBC blamed Musk for inflating Bitcoin by posting positive messages about it on his Twitter account. Quotes delayed at least 15 minutes. All Rights Reserved. Tesla's share price and the value of bitcoin have seen huge gains over the last 12 months, with Tesla shares rising from around $100 to over $600, and bitcoin rising from around $7,000 to over $55,000. Real interest rates are negative when the rate of inflation exceeds the nominal interest rate. MicroStrategy this week announced plans to raise $900 million through a convertible debt sale, saying it would use the proceeds to buy more bitcoin. On February 8, electric car maker Elon Musk revealed Tesla’s (NASDAQ:TSLA) US$1.5 billion investment in Bitcoin. Powered and Implemented by Interactive Data Managed Solutions. He has been tweeting about the cryptocurrency on and off over the last few months, raising alarm bells in some corners. Daniel Ives, an analyst at Wedbush, said in a research note Wednesday that his firm wasn't expecting Tesla to start accepting bitcoin payments until the second half of this year. Tesla Inc. CEO Elon Musk said the inability to receive a return on his company’s cash was behind the decision to buy $1.5 billion of bitcoin. Charles Bronson To Invest In Bitcoin With Crypto-Art Sale And Wants Elon Musk To Buy His Work Gov. This material may not be published, broadcast, rewritten, or redistributed. This allows for the company to retain every Bitcoin payment without converting it to fiat. Tesla notes that it reserves the right to refund the customer in U.S. dollars at the exact price bitcoin was worth at the time of purchase. Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. Additionally, the company will soon be allowing people to pay for Teslas with bitcoin. Tesla's market value soared to over $800 billion in the 12 months leading up to January, before dropping to less than $600 billion in February. — Additional reporting by CNBC's Lora Kolodny. Tesla ended 2020 with $19.38 billion in cash and cash equivalents, as noted in an SEC filing. Get this delivered to your inbox, and more info about our products and services. Is mortgage refinancing still worth pursuing as rates rise. In the firm's refund policy, Tesla cautioned buyers that should they seek to return their electric car and obtain a refund, the company can choose to pay them back in U.S. dollars or bitcoin. Regulators could probe Tesla CEO Elon Musk over his company’s bitcoin purchase, the Telegraph reported Tuesday. Real yields, however, have been moving higher in recent weeks as investors fear the unprecedented amount of fiscal and monetary stimulus will bring back inflation. Tesla, the electric car company run by the world’s richest person, Elon Musk, revealed on Monday that it had bought $1.5bn (£1.1bn) in bitcoin and said it … They revealed that they bought around $1.5 billion in bitcoins in January 2021. Company fundamental data provided by Morningstar. Got a confidential news tip? Elon Musk explains Tesla's $1.5B bitcoin buy | Fox Business In order to accept the payment, Musk said Tesla is using "internal" and "open source software.". Tesla earlier this month announced the purchase of $1.5 billion of bitcoin in an effort to “further diversify and maximize” the return on its cash. TESLA BUYS $1.5B IN BITCOIN, WILL START ACCEPTING FOR CARS. Since its founding in 2016, Freewallet has gained a strong foothold in the crypto market and is regarded as one … You can now buy coins tied to the reputation of stars like Elon Musk, Justin Bieber, and more. “The keyword is ‘almost’.”, Moderna CEO answers questions on COVID vaccine efficacy, Insurer Hartford to pay $650M for claims linked to Boy Scouts sex abuse cases, Facebook censors stories about real estate shopping spree by BLM co-founder, Jennifer Lopez and Alex Rodriguez's business empire includes real estate, wellness, Kanye West reveals official Yeezy x Gap logo, Have $100,000 in student debt? All rights reserved. The price of bitcoin is at $55,444.93. — Elon Musk (@elonmusk) March 24, 2021 The move to accepting bitcoins as payment comes roughly a month after Tesla announced it bought $1.5 billion worth of bitcoin and that it … The automaker last month revealed that it had bought $1.5 billion worth of bitcoin. ILHAN OMAR'S FINANCIAL TRANSACTION TAX WOULD HURT MAIN STREET: GAMESTOP HEARING EXPERT. Tesla's shares were up around 0.6% in after hours trading Tuesday, after closing at $662.16. Solomon Brown sat down with Coinjournal to discuss the future direction of Freewallet, Elon Musk and where prices could head to next. Tesla CEO Elon Musk announced late Tuesday that it is now possible to buy Tesla vehicles in the U.S. with bitcoin. Gordon Offers Up Wyoming To Host Elon Musk-Funded XPRIZE Las Vegas poised to come out of COVID-19 better than ever Elon Musk’s First Commercial Underground Loop to Debut at World of Concrete (Video) Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "We expect less than 5% of transactions to be through bitcoin over the next 12 to 18 months however this could move higher over time as crypto acceptance starts to ramp over the coming years.". Tesla said it may invest more of its cash in digital assets, gold bullion, gold exchange-traded funds and other assets. Elon Musk's BitClout creator coin … It now stands at around $635 billion. 5 ways to help pay it off, Why college students should open a high-yield savings account, Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021, Today's mortgage rates plummet below 3%, fall to a 60-day low | April 16, 2021. Some investors, however, are convinced that Tesla and bitcoin are both in bubble territory. Tesla CEO and founder Elon Musk on Wednesday has formally announced that the company’s electric vehicles can now be bought using bitcoin. “Bitcoin is almost as bs as fiat money,” Musk said. A support page on Tesla's website explains how customers can pay for a Tesla using the digital currency. Bitcoin just keeps surging higher and higher, and men like Elon Musk are quick to do their parts in helping the world’s number one digital currency by market cap reach its potential peak. Musk's announcement on Wednesday bumped up … People outside the U.S. will be able to buy a Tesla with bitcoin "later this year. You can now buy a Tesla with Bitcoin — Elon Musk (@elonmusk) March 24, 2021. "Musk is now tied to the bitcoin story in the eyes of the Street and although Tesla made a billion paper profit in its first month owning the digital gold, it comes with added risk," Ives told CNBC via email. He's also been tweeting about other coins like ether and dogecoin. He added that Tesla "operates bitcoin nodes directly." ©2021 FOX News Network, LLC. Elon Musk bought a lot of bitcoin Elon Musk and his company Tesla have caused a sensation in the cryptocurrency market. Published: March 24, 2021 14:17 Reuters.