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Gulf Today Report
Tesla inc to accept bitcoin as a medium of payment for its electric cars said Elon Musk on Wednesday.
The announcement marks an important step in the acceptance of cryptocurrencies use in commerce.
Last month, Tesla inc confirmed buying $1.5 billion worth of bitcoin.
"You can now buy a Tesla with bitcoin," Musk said on Twitter, adding that the option would be available outside the United States later this year.
Bitcoin gained by more than 4% after Musk’s tweet. It was the last trading at $56.429.
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Musk said bitcoin paid to Tesla would not be converted into traditional currency, but he gave few other details on how the bitcoin payments would be processed. The company was using "internal & open source software", he said.
Tesla customers can now buy its electric vehicles with, its chief, Elon Musk, said on Thursday, marking a significant step forward for the cryptocurrency’s use in commerce.
Tesla sold $936 million worth of Bitcoin in the second quarter, more than a year after the company bought $1.5 billion of the cryptocurrency at the peak of its massive growth and popularity.
Bitcoin regained some of the losses sustained after Elon Musk said that Tesla would stop accepting the digital tokens as payment for its cars, and was trading at nearly $50,000 on Thursday.
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