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URLhttps://www.cnn.com/2021/03/24/tech/tesla-bitcoin-elon-musk
Last Crawled2026-03-20 06:17:32 (20 days ago)
First Indexed2025-05-01 15:50:56 (11 months ago)
HTTP Status Code200
Meta TitleBitcoin: Elon Musk says you can now use it to buy a Tesla | CNN Business
Meta DescriptionBitcoin fans looking for ways to spend their cryptocurrency fortunes can add a big ticket item to the list: a Tesla.
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Markets DOW 46,021.43 -203.72 0.44% S&P 500 6,606.49 -18.21 0.27% NASDAQ 22,090.69 -61.73 0.28% Hot Stocks NVIDIA Corporation 178.56 - 1.84 1.02% Venture Global, Inc. Class A 14.29 - 0.56 3.77% Rivian Automotive, Inc. Class A 16.12 + 0.59 3.80% Fear & Greed Index Something isn't loading properly. Please check back later. Ad Feedback Unable to load video Please try again later. Error occurred while fetching labs Video Ad Feedback Tesla invests $1.5 billion in bitcoin Cryptocurrency, Blockchain and NFTs 16 videos Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: CNN Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness Video Ad Feedback Tesla invests $1.5 billion in bitcoin Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business Video Ad Feedback What crypto skeptics dunking on the crypto faithful are missing 02:15 Now playing • Source: CNN Video Ad Feedback Video: Bill Gates mocks Bored Ape NFT's 01:35 Now playing • Source: CNN Video Ad Feedback Here's why bitcoin's drop has investors worried Video Ad Feedback Stablecoins faltering amid crypto market volatility 03:23 Now playing • Source: CNN Video Ad Feedback A quarter of all the electricity in this county is powering Bitcoin mining 03:08 Now playing • Source: CNN Video Ad Feedback Bitcoin's carbon footprint is growing larger. Here's why. 02:34 Now playing • Source: CNN Video Ad Feedback Cryptocurrencies take Hollywood, sports and politics by storm 02:56 Now playing • Source: CNN Video Ad Feedback Sen. Brown on cryptocurrency: Fraud, scams and outright theft 02:35 Now playing • Source: CNN Video Ad Feedback DOJ seizes $3.6 billion tied to New York couple's bitcoin hack Video Ad Feedback TV star has new role: Crypto critic 03:46 Now playing • Source: CNN Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: CNN Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness Video Ad Feedback Tesla invests $1.5 billion in bitcoin Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business London CNN Business  —  Bitcoin fans looking for ways to spend their cryptocurrency fortunes can add a big ticket item to the list: a Tesla. “You can now buy a Tesla with Bitcoin ,” CEO Elon Musk said in a tweet on Wednesday. Bitcoin paid to Tesla (TSLA) will not be converted by the electric car company into regular currency, he added in a subsequent tweet. Musk said that the option to pay by bitcoin will be available outside the United States later this year. Ad Feedback Ad Feedback The price of a single bitcoin climbed nearly 3% to hit $56,242 shortly after Musk’s tweet — more than enough to buy an entry level Tesla Model 3, which costs just under $40,000. Tesla’s most expensive vehicle, the Model X Plaid, starts at around $120,000 — slightly more than two bitcoin. Dan Ives, an analyst at Wedbush Securities, said “this is a seminal moment for Tesla and for the crypto world.” “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,” he added. Tesla (TSLA) had previously signaled its plans to accept the digital currency from buyers. In its annual filing with the Securities and Exchange Commission (SEC) last month, the company said that it expects “to begin accepting bitcoin as a form of payment for our products in the near future … initially on a limited basis.” It also said it had invested $1.5 billion in bitcoin as part of a strategy to “invest a portion of [the company’s] cash in certain specified alternative reserve assets.” Since then, the company has given Zach Kirkhorn, its chief financial officer, a new title: “Master of Coin.” Musk, meanwhile, gained the extra title of “Technoking of Tesla”, according to a SEC filing. Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. — Chris Isidore contributed reportin g. 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Ad Feedback [![Markets Now](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg)](https://www.cnn.com/business/markets-now) # You can now use bitcoin to buy a Tesla By [Hanna Ziady](https://www.cnn.com/profiles/hanna-ziady), CNN Business 2 min read Updated 8:16 AM EDT, Wed March 24, 2021 Link Copied\! **Unable to load video** Please try again later. Error occurred while fetching labs Subtitles - Off Video Ad Feedback Tesla invests \$1.5 billion in bitcoin 03:17 • Source: [CNNBusiness](https://www.cnn.com/2021/02/08/investing/tesla-bitcoins/index.html) Cryptocurrency, Blockchain and NFTs 16 videos ![The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: [CNN](https://www.cnn.com/) ![JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness ![Bitcoin](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Tesla invests \$1.5 billion in bitcoin 03:17 Now playing • Source: [CNNBusiness](https://www.cnn.com/2021/02/08/investing/tesla-bitcoins/index.html) ![Binance Markets Now](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business ![nightcap crypto sam bankman fried 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business ![nightcap 061622 crypto clip 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback What crypto skeptics dunking on the crypto faithful are missing 02:15 Now playing • Source: [CNN](https://www.cnn.com/) ![US Microsoft founder, Co-Chairman of the Bill & Melinda Gates Foundation, Bill Gates, poses for a picture on October 9, 2019, in Lyon, central eastern France, during the funding conference of Global Fund to Fight AIDS, Tuberculosis and Malaria. - The Global Fund to Fight AIDS, Tuberculosis and Malaria on October 9, 2019, opened a drive to raise \$14 billion to fight a global epidemics but face an uphill battle in the face of donor fatigue. The fund has asked for \$14 billion, an amount it says would help save 16 million lives, avert "234 million infections" and place the world back on track to meet the UN objective of ending the epidemics of HIV/AIDS, tuberculosis and malaria within 10 years. (Photo by JEFF PACHOUD / AFP) (Photo by JEFF PACHOUD/AFP via Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Video: Bill Gates mocks Bored Ape NFT's 01:35 Now playing • Source: [CNN](https://www.cnn.com/) ![Bitcoins with US tax form 1040. Golden Bitcoin on tax form. Tax form pay concept](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Here's why bitcoin's drop has investors worried 03:20 Now playing • Source: [CNNBusiness](https://www.cnn.com/business) ![A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. ](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Stablecoins faltering amid crypto market volatility 03:23 Now playing • Source: [CNN](https://www.cnn.com/) ![bitcoin mining washington watt dnt](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback A quarter of all the electricity in this county is powering Bitcoin mining 03:08 Now playing • Source: [CNN](https://www.cnn.com/) ![Internet cables and power cables at a bitcoin mine in Sichuan Province, China, on September 27, 2016.](https://media.cnn.com/api/v1/images/stellar/prod/220225165825-restricted-china-bitcoin-mining-file.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Bitcoin's carbon footprint is growing larger. Here's why. 02:34 Now playing • Source: [CNN](https://www.cnn.com/) ![Coins representing crypto currency of bitcoin, ethereum, litecoin, monero, ripple, dash, on a dark background, a pattern of coins. Business, finance and technology concept.](https://media.cnn.com/api/v1/images/stellar/prod/211111201150-cyrpto-currency-coins-stock.jpg?q=x_0,y_0,h_1406,w_2498,c_fill/w_250) Video Ad Feedback Cryptocurrencies take Hollywood, sports and politics by storm 02:56 Now playing • Source: [CNN](https://www.cnn.com/) ![senate banking committee cryptocurrency sherrod brown raw sot vpx\_00015610.png](https://media.cnn.com/api/v1/images/stellar/prod/220215155931-senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx-00015610.png?c=16x9&q=w_250,c_fill) Video Ad Feedback Sen. Brown on cryptocurrency: Fraud, scams and outright theft 02:35 Now playing • Source: [CNN](https://www.cnn.com/) Video Ad Feedback DOJ seizes \$3.6 billion tied to New York couple's bitcoin hack 01:40 Now playing • Source: [CNNBusiness](https://www.cnn.com/business) ![ben mckenzie crypto](https://media.cnn.com/api/v1/images/stellar/prod/211130101548-ben-mckenzie-crypto.jpg?q=x_0,y_0,h_1080,w_1919,c_fill/w_250) Video Ad Feedback TV star has new role: Crypto critic 03:46 Now playing • Source: [CNN](https://www.cnn.com/) ![The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: [CNN](https://www.cnn.com/) ![JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness ![Bitcoin](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Tesla invests \$1.5 billion in bitcoin 03:17 Now playing • Source: [CNNBusiness](https://www.cnn.com/2021/02/08/investing/tesla-bitcoins/index.html) ![Binance Markets Now](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business ![nightcap crypto sam bankman fried 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business See more videos London CNN Business — [Bitcoin](https://edition.cnn.com/2021/03/17/investing/bitcoin-what-to-know/index.html) fans looking for ways to spend their [cryptocurrency fortunes](https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-fe-series/index.html) can add a big ticket item to the list: a Tesla. “You can now buy a Tesla with [Bitcoin](https://edition.cnn.com/2021/02/01/investing/elon-musk-bitcoin-clubhouse/index.html),” CEO Elon Musk said in a [tweet](https://twitter.com/elonmusk/status/1374617643446063105) on Wednesday. Bitcoin paid to Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) will not be converted by the electric car company into regular currency, he added in a subsequent tweet. Musk said that the option to pay by bitcoin will be available outside the United States later this year. Ad Feedback Ad Feedback [![03 Bitcoin - stock](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Shutterstock Related article Everything you need to know about bitcoin](https://www.cnn.com/2021/03/17/investing/bitcoin-what-to-know/index.html) The price of a single bitcoin climbed nearly 3% to hit \$56,242 shortly after Musk’s tweet — more than enough to buy an entry level Tesla Model 3, which costs just under \$40,000. Tesla’s most expensive vehicle, the Model X Plaid, starts at around \$120,000 — slightly more than two bitcoin. Dan Ives, an analyst at Wedbush Securities, said “this is a seminal moment for Tesla and for the crypto world.” “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,” he added. Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) had previously signaled its plans to accept the digital currency from buyers. In its annual filing with the Securities and Exchange Commission (SEC) last month, the company said that it expects “to begin accepting bitcoin as a form of payment for our products in the near future … initially on a limited basis.” It also said it had invested \$1.5 billion in bitcoin as part of a strategy to “invest a portion of \[the company’s\] cash in certain specified alternative reserve assets.” Since then, the company has given Zach Kirkhorn, its chief financial officer, a new title: “Master of Coin.” Musk, meanwhile, gained the extra title of “Technoking of Tesla”, according to a SEC filing. Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. *— Chris Isidore contributed reportin*g. 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Markets DOW 46,021.43 \-203.72 0\.44% S\&P 500 6,606.49 \-18.21 0\.27% NASDAQ 22,090.69 \-61.73 0\.28% Hot Stocks NVIDIA Corporation 178\.56 \- 1.84 1\.02% Venture Global, Inc. Class A 14\.29 \- 0.56 3\.77% Rivian Automotive, Inc. Class A 16\.12 \+ 0.59 3\.80% Fear & Greed Index Something isn't loading properly. Please check back later. Ad Feedback **Unable to load video** Please try again later. Error occurred while fetching labs Video Ad Feedback Tesla invests \$1.5 billion in bitcoin Cryptocurrency, Blockchain and NFTs 16 videos ![The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: [CNN](https://www.cnn.com/) ![JPMorgan Chase & Co. CEO Jamie Dimon speaks during the Business Roundtable CEO Innovation Summit in Washington, DC on December 6, 2018. (Photo by Jim Watson/AFP/Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness ![Bitcoin](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Tesla invests \$1.5 billion in bitcoin ![Binance Markets Now](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business ![nightcap crypto sam bankman fried 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business ![nightcap 061622 crypto clip 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback What crypto skeptics dunking on the crypto faithful are missing 02:15 Now playing • Source: [CNN](https://www.cnn.com/) ![US Microsoft founder, Co-Chairman of the Bill & Melinda Gates Foundation, Bill Gates, poses for a picture on October 9, 2019, in Lyon, central eastern France, during the funding conference of Global Fund to Fight AIDS, Tuberculosis and Malaria. - The Global Fund to Fight AIDS, Tuberculosis and Malaria on October 9, 2019, opened a drive to raise \$14 billion to fight a global epidemics but face an uphill battle in the face of donor fatigue. The fund has asked for \$14 billion, an amount it says would help save 16 million lives, avert "234 million infections" and place the world back on track to meet the UN objective of ending the epidemics of HIV/AIDS, tuberculosis and malaria within 10 years. (Photo by JEFF PACHOUD / AFP) (Photo by JEFF PACHOUD/AFP via Getty Images)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Video: Bill Gates mocks Bored Ape NFT's 01:35 Now playing • Source: [CNN](https://www.cnn.com/) ![Bitcoins with US tax form 1040. Golden Bitcoin on tax form. Tax form pay concept](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Here's why bitcoin's drop has investors worried Video Ad Feedback Stablecoins faltering amid crypto market volatility 03:23 Now playing • Source: [CNN](https://www.cnn.com/) ![bitcoin mining washington watt dnt](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback A quarter of all the electricity in this county is powering Bitcoin mining 03:08 Now playing • Source: [CNN](https://www.cnn.com/) ![Internet cables and power cables at a bitcoin mine in Sichuan Province, China, on September 27, 2016.](https://media.cnn.com/api/v1/images/stellar/prod/220225165825-restricted-china-bitcoin-mining-file.jpg?c=16x9&q=w_250,c_fill) Video Ad Feedback Bitcoin's carbon footprint is growing larger. Here's why. 02:34 Now playing • Source: [CNN](https://www.cnn.com/) ![Coins representing crypto currency of bitcoin, ethereum, litecoin, monero, ripple, dash, on a dark background, a pattern of coins. Business, finance and technology concept.](https://media.cnn.com/api/v1/images/stellar/prod/211111201150-cyrpto-currency-coins-stock.jpg?q=x_0,y_0,h_1406,w_2498,c_fill/w_250) Video Ad Feedback Cryptocurrencies take Hollywood, sports and politics by storm 02:56 Now playing • Source: [CNN](https://www.cnn.com/) ![senate banking committee cryptocurrency sherrod brown raw sot vpx\_00015610.png](https://media.cnn.com/api/v1/images/stellar/prod/220215155931-senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx-00015610.png?c=16x9&q=w_250,c_fill) Video Ad Feedback Sen. Brown on cryptocurrency: Fraud, scams and outright theft 02:35 Now playing • Source: [CNN](https://www.cnn.com/) Video Ad Feedback DOJ seizes \$3.6 billion tied to New York couple's bitcoin hack ![ben mckenzie crypto](https://media.cnn.com/api/v1/images/stellar/prod/211130101548-ben-mckenzie-crypto.jpg?q=x_0,y_0,h_1080,w_1919,c_fill/w_250) Video Ad Feedback TV star has new role: Crypto critic 03:46 Now playing • Source: [CNN](https://www.cnn.com/) ![The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. The Staples Center in downtown Los Angeles will be renamed Crypto.com Arena on Christmas. The home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years. (AP Photo/Mark J. Terrill)](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Crypto.com buys Staples Center naming rights 03:27 Now playing • Source: CNNBusiness Video Ad Feedback Crypto: The future of money or the biggest scam? 03:23 Now playing • Source: [CNN](https://www.cnn.com/) Video Ad Feedback Jamie Dimon blasts bitcoin as 'worthless' 01:52 Now playing • Source: CNNBusiness ![Bitcoin](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Tesla invests \$1.5 billion in bitcoin ![Binance Markets Now](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill' 01:21 Now playing • Source: CNN Business ![nightcap crypto sam bankman fried 16x9](https://www.cnn.com/media/sites/cnn/cnn-fallback-image.jpg) Video Ad Feedback How common are Ponzi schemes in crypto? Crypto billionaire Sam Bankman-Fried weighs in 03:59 Now playing • Source: CNN Business London CNN Business — [Bitcoin](https://edition.cnn.com/2021/03/17/investing/bitcoin-what-to-know/index.html) fans looking for ways to spend their [cryptocurrency fortunes](https://edition.cnn.com/2021/03/17/business/what-is-nft-meaning-fe-series/index.html) can add a big ticket item to the list: a Tesla. “You can now buy a Tesla with [Bitcoin](https://edition.cnn.com/2021/02/01/investing/elon-musk-bitcoin-clubhouse/index.html),” CEO Elon Musk said in a [tweet](https://twitter.com/elonmusk/status/1374617643446063105) on Wednesday. Bitcoin paid to Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) will not be converted by the electric car company into regular currency, he added in a subsequent tweet. Musk said that the option to pay by bitcoin will be available outside the United States later this year. Ad Feedback Ad Feedback The price of a single bitcoin climbed nearly 3% to hit \$56,242 shortly after Musk’s tweet — more than enough to buy an entry level Tesla Model 3, which costs just under \$40,000. Tesla’s most expensive vehicle, the Model X Plaid, starts at around \$120,000 — slightly more than two bitcoin. Dan Ives, an analyst at Wedbush Securities, said “this is a seminal moment for Tesla and for the crypto world.” “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,” he added. Tesla [(TSLA)](https://money.cnn.com/quote/quote.html?symb=TSLA&source=story_quote_link) had previously signaled its plans to accept the digital currency from buyers. In its annual filing with the Securities and Exchange Commission (SEC) last month, the company said that it expects “to begin accepting bitcoin as a form of payment for our products in the near future … initially on a limited basis.” It also said it had invested \$1.5 billion in bitcoin as part of a strategy to “invest a portion of \[the company’s\] cash in certain specified alternative reserve assets.” Since then, the company has given Zach Kirkhorn, its chief financial officer, a new title: “Master of Coin.” Musk, meanwhile, gained the extra title of “Technoking of Tesla”, according to a SEC filing. Musk, who has in the past expressed skepticism about cryptocurrencies, said in an interview on social app Clubhouse earlier this year that he thinks bitcoin is on the verge of “getting broad acceptance by conventional finance people.” He said he should have bought the digital currency eight years ago. *— Chris Isidore contributed reportin*g. 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