Tesla vehicles can now be purchased using Bitcoin, according to Elon Musk.

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Tesla consumers will now pay for their vehicles using Bitcoin, according to company CEO Elon Musk.

Mr Musk, a well-known Bitcoin supporter, made the surprising announcement in a tweet.

Tesla cars can now be bought with Bitcoin – Elon Musk

However, the value of Bitcoin fluctuates exponentially, so the cryptocurrency price of the car can shift from day to day.

Soon after Musk’s tweet, the price of a single bitcoin increased by nearly 3% to $56,242 — more than enough to purchase an entry-level Tesla Model 3, which costs just under $40,000. The Model X Plaid, Tesla’s most expensive car, starts at about $120,000 — marginally 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,”

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And in an apparent bid to assuage fears of Bitcoin enthusiasts who want to see the ecosystem thrive, Mr Musk said: “Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat [government-controlled] currency”

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