ℹ️ Skipped - page is already crawled
| Filter | Status | Condition | Details |
|---|---|---|---|
| HTTP status | PASS | download_http_code = 200 | HTTP 200 |
| Age cutoff | PASS | download_stamp > now() - 6 MONTH | 2.2 months ago |
| History drop | PASS | isNull(history_drop_reason) | No drop reason |
| Spam/ban | PASS | fh_dont_index != 1 AND ml_spam_score = 0 | ml_spam_score=0 |
| Canonical | PASS | meta_canonical IS NULL OR = '' OR = src_unparsed | Not set |
| Property | Value |
|---|---|
| URL | https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html |
| Last Crawled | 2026-02-11 16:10:39 (2 months ago) |
| First Indexed | 2021-03-24 12:18:33 (5 years ago) |
| HTTP Status Code | 200 |
| Meta Title | Tesla Will Accept Bitcoin as Payment, Elon Musk says. - The New York Times |
| Meta Description | The electric-car maker will hold the digital currency and handle the crypto transactions internally. |
| Meta Canonical | null |
| Boilerpipe Text | Advertisement
SKIP ADVERTISEMENT
The electric-car maker will hold the digital currency and handle the crypto transactions internally.
Elon Musk, the chief executive of Tesla, said on Twitter that the company would accept Bitcoin as payment for cars in the United States.
Credit...
Brendan Smialowski/Agence France-Presse — Getty Images
March 24, 2021
Elon Musk, the chief executive of Tesla who recently added “Technoking” to his title, said on Wednesday that the company would accept
Bitcoin as payment for cars
in the United States, a move that is at odds with the company’s image as an environmentally friendly electric-car maker.
Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.
“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.
Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.
Mr. Musk’s embrace of Bitcoin is hailed by many cryptocurrency enthusiasts, but the digital currency’s affect on climate change has come under increasing scrutiny.
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,”
Bill Gates recently told The New York Times
. Depending on the
study
, the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.
There is also an electronic waste problem associated with bitcoin mining, argues Alex de Vries, an economist who created the
Bitcoin Energy Consumption Index
and tracks the unintended consequences of digital trends. Bitcoin mining is done with highly specialized equipment that has a short life span, and the tools cannot be repurposed, making investment in the digital currency even more problematic from an environmental perspective, he told The Times.
Mr. Musk said last month that the company bought
$1.5 billion in Bitcoin for its treasury
. The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.
Since Tesla’s Bitcoin purchase in February, the price of
Bitcoin
and other cryptocurrencies has soared to record highs, but trading has been volatile.
Analysts are pleased
with the symbolism at least. “This is a seminal moment for Tesla and for the crypto world,” wrote Daniel Ives and Strecker Backe, analysts at the investment firm Wedbush. “This morning’s news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto from a transactional perspective.”
Ephrat Livni
reports from Washington on the intersection of business and policy for DealBook. Previously, she was a senior reporter at Quartz, covering law and politics, and has practiced law in the public and private sectors.
Related Content
More in Business
Laura Partain for The New York Times
Yvonne Tnt/BFA.com, via Shutterstock
Eric Lee for The New York Times
Henry Romero/Reuters
Editors’ Picks
Robert Samuel Hanson
Alice Zoo for The New York Times
Trending in The Times
Nicolas Ortega
Stanislaw Tokarski/Alamy
Andrew Faulk for The New York Times
California Department of Fish and Wildlife
Kenny Holston/The New York Times
Luke Macgregor/Reuters
Lauren DeCicca for The New York Times
Andrey Kasay
Advertisement
SKIP ADVERTISEMENT |
| Markdown | [Skip to content](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#site-content)[Skip to site index](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#site-index)
Search & Section Navigation
Section Navigation
Search
[Business](https://www.nytimes.com/section/business)
[Log in](https://myaccount.nytimes.com/auth/login?response_type=cookie&client_id=vi&redirect_uri=https%3A%2F%2Fwww.nytimes.com%2Fsubscription%2Fonboarding-offer%3FcampaignId%3D7JFJX%26EXIT_URI%3Dhttps%253A%252F%252Fwww.nytimes.com%252F2021%252F03%252F24%252Fbusiness%252Felon-musk-tesla-bitcoin.html&asset=masthead)
Wednesday, February 11, 2026
[Today’s Paper](https://www.nytimes.com/section/todayspaper)
[Business](https://www.nytimes.com/section/business)\|Tesla will accept Bitcoin as payment, Elon Musk says.
https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html
- Share full article
Advertisement
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-top)
Supported by
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-sponsor)
# Tesla will accept Bitcoin as payment, Elon Musk says.
The electric-car maker will hold the digital currency and handle the crypto transactions internally.
- Share full article

Elon Musk, the chief executive of Tesla, said on Twitter that the company would accept Bitcoin as payment for cars in the United States.Credit...Brendan Smialowski/Agence France-Presse — Getty Images
By [Ephrat Livni](https://www.nytimes.com/by/ephrat-livni)
March 24, 2021
Elon Musk, the chief executive of Tesla who recently added “Technoking” to his title, said on Wednesday that the company would accept [Bitcoin as payment for cars](https://twitter.com/elonmusk/status/1374617643446063105?s=20) in the United States, a move that is at odds with the company’s image as an environmentally friendly electric-car maker.
Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.
“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.
Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.
Mr. Musk’s embrace of Bitcoin is hailed by many cryptocurrency enthusiasts, but the digital currency’s affect on climate change has come under increasing scrutiny.
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” [Bill Gates recently told The New York Times](https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html). Depending on the [study](https://www.bbc.com/news/technology-56012952), the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.
There is also an electronic waste problem associated with bitcoin mining, argues Alex de Vries, an economist who created the [Bitcoin Energy Consumption Index](https://digiconomist.net/bitcoin-energy-consumption) and tracks the unintended consequences of digital trends. Bitcoin mining is done with highly specialized equipment that has a short life span, and the tools cannot be repurposed, making investment in the digital currency even more problematic from an environmental perspective, he told The Times.
Mr. Musk said last month that the company bought [\$1.5 billion in Bitcoin for its treasury](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html). The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.
Since Tesla’s Bitcoin purchase in February, the price of [Bitcoin](https://www.nytimes.com/2021/02/08/technology/dogecoin-bitcoin-elon-musk-snoop-dogg.html) and other cryptocurrencies has soared to record highs, but trading has been volatile.
## Editors’ Picks
[Surf Shacks and Ocean Breezes: Welcome to Riviera Nayarit](https://www.nytimes.com/2026/02/10/travel/mexico-visiting-riviera-nayarit.html)
[16 Easy Desserts for People Who Really, Really Love Chocolate](https://cooking.nytimes.com/article/easy-chocolate-dessert-recipes-valentines-day)
[Our Best Air-Fryer Recipes](https://cooking.nytimes.com/article/best-air-fryer-recipes)
Advertisement
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-pp_edpick)
[Analysts are pleased](https://wedbush.bluematrix.com/sellside/EmailDocViewer?encrypt=0585d1a2-fe61-4cb2-a943-cbec171da9b0&mime=pdf&co=wedbush&id=equityresearchdistribution@wedbush.com&source=mail) with the symbolism at least. “This is a seminal moment for Tesla and for the crypto world,” wrote Daniel Ives and Strecker Backe, analysts at the investment firm Wedbush. “This morning’s news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto from a transactional perspective.”
[Ephrat Livni](https://www.nytimes.com/by/ephrat-livni) reports from Washington on the intersection of business and policy for DealBook. Previously, she was a senior reporter at Quartz, covering law and politics, and has practiced law in the public and private sectors.
See more on: [Elon Musk](https://www.nytimes.com/spotlight/elon-musk)
- Share full article
***
## Inside the World of Cryptocurrencies
***
- **Cryptocurrency’s Slide:** After months of declining prices and dispiriting setbacks, the crypto industry has found itself deep in one of its periodic slumps — [a so-called crypto winter](https://www.nytimes.com/2026/02/05/technology/bitcoin-price-drop-crypto-market.html).
- **Binance:** Ties between the exchange and Trump’s company, World Liberty Financial, [have only strengthened](https://www.nytimes.com/2026/02/07/business/binance-trump-crypto.html) since he pardoned Binance’s founder, Changpeng Zhao.
- **Trump Family’s Crypto Company:** An investment firm tied to the United Arab Emirates [purchased nearly half of the Trump family’s cryptocurrency company](https://www.nytimes.com/2026/02/01/us/politics/trump-crypto-uae-world-liberty.html), making the family business partners with the U.A.E. even as Trump negotiated foreign policy matters with the Middle Eastern nation.
- **Crypto Billionaire ‘Counterforce’:** Two prominent billionaires in the tech and crypto industries plan to spend tens of millions of dollars this year in a bid to elect moderate state legislators in California and [push back against powerful state unions](https://www.nytimes.com/2026/01/30/us/politics/crypto-billionaires-try-to-build-a-moderate-counterforce-in-california-politics.html).
- **Gemini Trust:** Federal regulators [have dropped a long-running lawsuit against the prominent cryptocurrency firm,](https://www.nytimes.com/2026/01/23/us/politics/sec-crypto-winklevoss.html) owned by the Winklevoss twins with ties to President Trump, in the Trump administration’s latest pullback in enforcement of the industry.
- **Crypto Guide:** Our tech columnist believes that crypto is terribly explained. [His mega-F.A.Q. is an attempt to fix that](https://www.nytimes.com/interactive/2022/03/18/technology/cryptocurrency-crypto-guide.html).
## Related Content
### [More in Business](https://www.nytimes.com/section/business)
- [The Whiskey World Is Reeling, but This Company Has Bigger Troubles](https://www.nytimes.com/2026/02/10/dining/drinks/uncle-nearest-whiskey.html)

Laura Partain for The New York Times
- [The Rise and Fall of a Beauty Mogul](https://www.nytimes.com/2026/02/11/style/pat-mcgrath-cosmetics-bankruptcy.html)

Yvonne Tnt/BFA.com, via Shutterstock
- [Fake Post About Racist Video Looked to Be Trump’s on Truth Social](https://www.nytimes.com/2026/02/07/business/trump-truth-social-fake-post-obamas.html)

Eric Lee for The New York Times
- [Why the N.F.L. Booked Bad Bunny for the Super Bowl](https://www.nytimes.com/2026/02/08/business/bad-bunny-super-bowl-nfl.html)

Henry Romero/Reuters
### Editors’ Picks
- [Why Kids Are Starting to Sound Like Their Grandparents](https://www.nytimes.com/2026/02/09/crosswords/why-kids-are-starting-to-sound-like-their-grandparents.html)

Robert Samuel Hanson
- [Baking for Your Valentine? This Psychologist Would Like a Word.](https://www.nytimes.com/2026/02/10/dining/valentine-baking-psychology.html)

Alice Zoo for The New York Times
### Trending in The Times
- [How to Sleep With Other People](https://www.nytimes.com/2026/02/11/realestate/how-to-sleep-with-other-people.html)

Nicolas Ortega
- [Stop Using Liquid Dishwasher Detergent](https://www.nytimes.com/video/smarter-living/wirecutter/100000010699991/stop-using-liquid-dishwasher-detergent.html)

- [Lost Soviet Moon Lander May Have Been Found](https://www.nytimes.com/2026/02/10/science/luna-9-moon-lander-soviet.html)

Stanislaw Tokarski/Alamy
- [New Orleanians Can’t Agree on the Identity of the King Cake Baby](https://www.nytimes.com/2026/02/09/dining/king-cake-baby-jesus.html)

- [After Years Working on Watch Repairs, He Made His Own](https://www.nytimes.com/2026/02/11/fashion/watches-alan-birchall-japan.html)

Andrew Faulk for The New York Times
- [A Gray Wolf’s Visit to Los Angeles County Is a First in Nearly a Century](https://www.nytimes.com/2026/02/09/us/gray-wolf-los-angeles-california.html)

California Department of Fish and Wildlife
- [TrumpRx Opens for Business](https://www.nytimes.com/2026/02/11/podcasts/the-daily/trumprx-prescription-drug-prices.html)

Kenny Holston/The New York Times
- [BP Suspends Share Buybacks as Profit Slumps](https://www.nytimes.com/2026/02/10/business/bp-oil-energy-buybacks.html)

Luke Macgregor/Reuters
- [Farmers Made a Fortune on This Fruit. Now It Is Piling Up.](https://www.nytimes.com/2026/02/10/world/asia/durian-malaysia-china-demand.html)

Lauren DeCicca for The New York Times
- [Opinion: I Just Returned From China. We Are Not Winning.](https://www.nytimes.com/2026/02/10/opinion/china-ai-ev-trump.html)

Andrey Kasay
Advertisement
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-bottom)
## Site Index
[Go to Home Page »](https://www.nytimes.com/)
News
- [Home Page](https://www.nytimes.com/)
- [U.S.](https://www.nytimes.com/section/us)
- [World](https://www.nytimes.com/section/world)
- [Politics](https://www.nytimes.com/section/politics)
- [New York](https://www.nytimes.com/section/nyregion)
- [Education](https://www.nytimes.com/section/education)
- [Sports](https://www.nytimes.com/section/sports)
- [Business](https://www.nytimes.com/section/business)
- [Tech](https://www.nytimes.com/section/technology)
- [Science](https://www.nytimes.com/section/science)
- [Weather](https://www.nytimes.com/section/weather)
- [The Great Read](https://www.nytimes.com/spotlight/the-great-read)
- [Obituaries](https://www.nytimes.com/section/obituaries)
- [Headway](https://www.nytimes.com/section/headway)
- [Visual Investigations](https://www.nytimes.com/spotlight/visual-investigations)
- [The Magazine](https://www.nytimes.com/section/magazine)
Arts
- [Book Review](https://www.nytimes.com/section/books/review)
- [Best Sellers Book List](https://www.nytimes.com/books/best-sellers/)
- [Dance](https://www.nytimes.com/section/arts/dance)
- [Movies](https://www.nytimes.com/section/movies)
- [Music](https://www.nytimes.com/section/arts/music)
- [Pop Culture](https://www.nytimes.com/spotlight/pop-culture)
- [Television](https://www.nytimes.com/section/arts/television)
- [Theater](https://www.nytimes.com/section/theater)
- [Visual Arts](https://www.nytimes.com/section/arts/design)
Lifestyle
- [Health](https://www.nytimes.com/section/health)
- [Well](https://www.nytimes.com/section/well)
- [Food](https://www.nytimes.com/section/food)
- [Restaurant Reviews](https://www.nytimes.com/reviews/dining)
- [Love](https://www.nytimes.com/section/fashion/weddings)
- [Travel](https://www.nytimes.com/section/travel)
- [Style](https://www.nytimes.com/section/style)
- [Fashion](https://www.nytimes.com/section/fashion)
- [Real Estate](https://www.nytimes.com/section/realestate)
- [T Magazine](https://www.nytimes.com/section/t-magazine)
Opinion
- [Today's Opinion](https://www.nytimes.com/section/opinion)
- [Columnists](https://www.nytimes.com/section/opinion/columnists)
- [Editorials](https://www.nytimes.com/section/opinion/editorials)
- [Guest Essays](https://www.nytimes.com/section/opinion/contributors)
- [Op-Docs](https://www.nytimes.com/column/op-docs)
- [Letters](https://www.nytimes.com/section/opinion/letters)
- [Sunday Opinion](https://www.nytimes.com/section/opinion/sunday)
- [Opinion Video](https://www.nytimes.com/spotlight/opinion-video)
- [Opinion Audio](https://www.nytimes.com/series/opinion-audio)
More
- [Audio](https://www.nytimes.com/spotlight/podcasts)
- [Games](https://www.nytimes.com/crosswords)
- [Cooking](https://cooking.nytimes.com/)
- [Wirecutter](https://www.nytimes.com/wirecutter/)
- [The Athletic](https://www.nytimes.com/athletic/)
- [Jobs](https://www.nytimes.com/section/jobs)
- [Video](https://www.nytimes.com/video)
- [Graphics](https://www.nytimes.com/spotlight/graphics)
- [Trending](https://www.nytimes.com/trending/)
- [Live Events](https://www.nytimes.com/spotlight/nyt-events)
- [Corrections](https://www.nytimes.com/section/corrections)
- [Reader Center](https://www.nytimes.com/section/reader-center)
- [TimesMachine](https://timesmachine.nytimes.com/browser)
- [The Learning Network](https://www.nytimes.com/section/learning)
- [School of The NYT](https://nytedu.com/)
- [inEducation](https://www.nytimes.com/spotlight/nytimesineducation)
### News
- [Home Page](https://www.nytimes.com/)
- [U.S.](https://www.nytimes.com/section/us)
- [World](https://www.nytimes.com/section/world)
- [Politics](https://www.nytimes.com/section/politics)
- [New York](https://www.nytimes.com/section/nyregion)
- [Education](https://www.nytimes.com/section/education)
- [Sports](https://www.nytimes.com/section/sports)
- [Business](https://www.nytimes.com/section/business)
- [Tech](https://www.nytimes.com/section/technology)
- [Science](https://www.nytimes.com/section/science)
- [Weather](https://www.nytimes.com/section/weather)
- [The Great Read](https://www.nytimes.com/spotlight/the-great-read)
- [Obituaries](https://www.nytimes.com/section/obituaries)
- [Headway](https://www.nytimes.com/section/headway)
- [Visual Investigations](https://www.nytimes.com/spotlight/visual-investigations)
- [The Magazine](https://www.nytimes.com/section/magazine)
### Arts
- [Book Review](https://www.nytimes.com/section/books/review)
- [Best Sellers Book List](https://www.nytimes.com/books/best-sellers/)
- [Dance](https://www.nytimes.com/section/arts/dance)
- [Movies](https://www.nytimes.com/section/movies)
- [Music](https://www.nytimes.com/section/arts/music)
- [Pop Culture](https://www.nytimes.com/spotlight/pop-culture)
- [Television](https://www.nytimes.com/section/arts/television)
- [Theater](https://www.nytimes.com/section/theater)
- [Visual Arts](https://www.nytimes.com/section/arts/design)
### Lifestyle
- [Health](https://www.nytimes.com/section/health)
- [Well](https://www.nytimes.com/section/well)
- [Food](https://www.nytimes.com/section/food)
- [Restaurant Reviews](https://www.nytimes.com/reviews/dining)
- [Love](https://www.nytimes.com/section/fashion/weddings)
- [Travel](https://www.nytimes.com/section/travel)
- [Style](https://www.nytimes.com/section/style)
- [Fashion](https://www.nytimes.com/section/fashion)
- [Real Estate](https://www.nytimes.com/section/realestate)
- [T Magazine](https://www.nytimes.com/section/t-magazine)
### Opinion
- [Today's Opinion](https://www.nytimes.com/section/opinion)
- [Columnists](https://www.nytimes.com/section/opinion/columnists)
- [Editorials](https://www.nytimes.com/section/opinion/editorials)
- [Guest Essays](https://www.nytimes.com/section/opinion/contributors)
- [Op-Docs](https://www.nytimes.com/column/op-docs)
- [Letters](https://www.nytimes.com/section/opinion/letters)
- [Sunday Opinion](https://www.nytimes.com/section/opinion/sunday)
- [Opinion Video](https://www.nytimes.com/spotlight/opinion-video)
- [Opinion Audio](https://www.nytimes.com/series/opinion-audio)
### More
- [Audio](https://www.nytimes.com/spotlight/podcasts)
- [Games](https://www.nytimes.com/crosswords)
- [Cooking](https://cooking.nytimes.com/)
- [Wirecutter](https://www.nytimes.com/wirecutter/)
- [The Athletic](https://www.nytimes.com/athletic/)
- [Jobs](https://www.nytimes.com/section/jobs)
- [Video](https://www.nytimes.com/video)
- [Graphics](https://www.nytimes.com/spotlight/graphics)
- [Trending](https://www.nytimes.com/trending/)
- [Live Events](https://www.nytimes.com/spotlight/nyt-events)
- [Corrections](https://www.nytimes.com/section/corrections)
- [Reader Center](https://www.nytimes.com/section/reader-center)
- [TimesMachine](https://timesmachine.nytimes.com/browser)
- [The Learning Network](https://www.nytimes.com/section/learning)
- [School of The NYT](https://nytedu.com/)
- [inEducation](https://www.nytimes.com/spotlight/nytimesineducation)
### Account
- [Subscribe](https://www.nytimes.com/subscription)
- [Manage My Account](https://www.nytimes.com/account)
- [Home Delivery](https://www.nytimes.com/subscription/home-delivery)
- [Gift Subscriptions](https://www.nytimes.com/gift)
- [Group Subscriptions](https://www.nytimes.com/subscription/groups?Pardot_Campaign_Code_Form_Input=89FQX)
- [Gift Articles](https://www.nytimes.com/gift-articles)
- [Email Newsletters](https://www.nytimes.com/newsletters)
- [NYT Licensing](https://nytlicensing.com/)
- [Replica Edition](https://nytimes.pressreader.com/)
- [Times Store](https://store.nytimes.com/)
## Site Information Navigation
- [© 2026 The New York Times Company](https://help.nytimes.com/hc/en-us/articles/115014792127-Copyright-Notice)
- [NYTCo](https://www.nytco.com/)
- [Contact Us](https://help.nytimes.com/hc/en-us/articles/115015385887-Contact-The-New-York-Times)
- [Accessibility](https://help.nytimes.com/hc/en-us/articles/115015727108-Accessibility)
- [Work with us](https://www.nytco.com/careers/)
- [Advertise](https://advertising.nytimes.com/)
- [T Brand Studio](https://advertising.nytimes.com/custom-content/)
- [Privacy Policy](https://help.nytimes.com/hc/en-us/articles/10940941449492-The-New-York-Times-Company-Privacy-Policy)
- [Cookie Policy](https://www.nytimes.com/privacy/cookie-policy)
- [Terms of Service](https://help.nytimes.com/hc/en-us/articles/115014893428-Terms-of-Service)
- [Terms of Sale](https://help.nytimes.com/hc/en-us/articles/115014893968-Terms-of-Sale)
- [Site Map](https://www.nytimes.com/sitemap/)
- [Canada](https://www.nytimes.com/ca/)
- [International](https://www.nytimes.com/international/)
- [Help](https://help.nytimes.com/hc/en-us)
- [Subscriptions](https://www.nytimes.com/subscription?campaignId=37WXW) |
| Readable Markdown | Advertisement
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-top)
The electric-car maker will hold the digital currency and handle the crypto transactions internally.

Elon Musk, the chief executive of Tesla, said on Twitter that the company would accept Bitcoin as payment for cars in the United States.Credit...Brendan Smialowski/Agence France-Presse — Getty Images
March 24, 2021
Elon Musk, the chief executive of Tesla who recently added “Technoking” to his title, said on Wednesday that the company would accept [Bitcoin as payment for cars](https://twitter.com/elonmusk/status/1374617643446063105?s=20) in the United States, a move that is at odds with the company’s image as an environmentally friendly electric-car maker.
Tesla will hold the digital currency, rather than convert payments to dollars, and handle the crypto transactions internally, Mr. Musk said.
“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” Mr. Musk explained in a tweet. That means when someone buys a Tesla with Bitcoin, the price of the car could well rise — or fall — over time. In other words, Tesla is turning one-time payments into assets with shifting value, or, essentially, investments.
Buyers outside the United States will have the option to use Bitcoin “later this year,” Mr. Musk said.
Mr. Musk’s embrace of Bitcoin is hailed by many cryptocurrency enthusiasts, but the digital currency’s affect on climate change has come under increasing scrutiny.
“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” [Bill Gates recently told The New York Times](https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html). Depending on the [study](https://www.bbc.com/news/technology-56012952), the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina.
There is also an electronic waste problem associated with bitcoin mining, argues Alex de Vries, an economist who created the [Bitcoin Energy Consumption Index](https://digiconomist.net/bitcoin-energy-consumption) and tracks the unintended consequences of digital trends. Bitcoin mining is done with highly specialized equipment that has a short life span, and the tools cannot be repurposed, making investment in the digital currency even more problematic from an environmental perspective, he told The Times.
Mr. Musk said last month that the company bought [\$1.5 billion in Bitcoin for its treasury](https://www.nytimes.com/2021/02/08/business/tesla-bought-bitcoin.html). The announcement on Wednesday confirms speculation in the crypto community that Tesla would not simply contract out payments to a third-party processor and treat Bitcoin like dollars.
Since Tesla’s Bitcoin purchase in February, the price of [Bitcoin](https://www.nytimes.com/2021/02/08/technology/dogecoin-bitcoin-elon-musk-snoop-dogg.html) and other cryptocurrencies has soared to record highs, but trading has been volatile.
[Analysts are pleased](https://wedbush.bluematrix.com/sellside/EmailDocViewer?encrypt=0585d1a2-fe61-4cb2-a943-cbec171da9b0&mime=pdf&co=wedbush&id=equityresearchdistribution@wedbush.com&source=mail) with the symbolism at least. “This is a seminal moment for Tesla and for the crypto world,” wrote Daniel Ives and Strecker Backe, analysts at the investment firm Wedbush. “This morning’s news formalizes the strategy of Musk and Tesla diving into the deep end of the pool of bitcoin and crypto from a transactional perspective.”
[Ephrat Livni](https://www.nytimes.com/by/ephrat-livni) reports from Washington on the intersection of business and policy for DealBook. Previously, she was a senior reporter at Quartz, covering law and politics, and has practiced law in the public and private sectors.
## Related Content
[More in Business](https://www.nytimes.com/section/business)
- 
Laura Partain for The New York Times
- 
Yvonne Tnt/BFA.com, via Shutterstock
- 
Eric Lee for The New York Times
- 
Henry Romero/Reuters
Editors’ Picks
- 
Robert Samuel Hanson
- 
Alice Zoo for The New York Times
Trending in The Times
- 
Nicolas Ortega
- 
- 
Stanislaw Tokarski/Alamy
- 
- 
Andrew Faulk for The New York Times
- 
California Department of Fish and Wildlife
- 
Kenny Holston/The New York Times
- 
Luke Macgregor/Reuters
- 
Lauren DeCicca for The New York Times
- 
Andrey Kasay
Advertisement
[SKIP ADVERTISEMENT](https://www.nytimes.com/2021/03/24/business/elon-musk-tesla-bitcoin.html#after-bottom) |
| Shard | 84 (laksa) |
| Root Hash | 4566504020376537684 |
| Unparsed URL | com,nytimes!www,/2021/03/24/business/elon-musk-tesla-bitcoin.html s443 |