The managing director – and self-proclaimed “Technoking of Tesla” – made the announcement in a tweet that was published in the United States in the middle of the night.

“You can now buy a Tesla with Bitcoin,” he said in a post, making it clear that Tesla will keep the money received from customers as Bitcoin instead of storing it in a traditional currency like dollars.

“Tesla only uses internal and open source software and operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin and not converted into fiat currency, ”he said in another. “Pay by Bitcoin feature available outside of the US later this year.”

Open source software refers to programs where the code is available for others to use and modify. This is generally beneficial for security as it allows other programmers to search for bugs or security breaches.

A bitcoin node is a computer on the blockchain network that validates transactions, digitally signs the movement of online currency, and means that a bitcoin cannot be spent twice. Jack Dorsey, CEO of Twitter, another Bitcoin backer, has also set up a full node that is displayed on computers as date and data lines.

INDY /LIFE newsletter

Let yourself be inspired by the latest lifestyle trends every week

INDY /LIFE newsletter

Let yourself be inspired by the latest lifestyle trends every week

A month later, Tesla announced it had invested $ 1.5 billion in the cryptocurrency, and we may or may not liquidate upon receipt. ”

Tesla appears to have decided it will not “liquidate” the bitcoin “upon receipt,” according to Mr Musk’s tweet, which stated that the bitcoin would not be converted to traditional currency.

According to cryptography engineer Frederic Jacobs, buying a Tesla car in Bitcoin is four times worse for the environment due to the cost of mining – the digital equivalent of minting coins – of the digital currency.

Jacobs’ calculations assume that the cost of mining Bitcoin, valued at $ 40,000, would generate around 80 tons of carbon dioxide emissions, while the Tesla emissions saving is only around 20 tons.