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Bitcoin crashes after Elon Musk confirms Tesla’s receipt of cryptocurrency for car purchase

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The value of Bitcoin crashed in the market after Tesla Founder, Elon Musk, confirmed that customers would be able to purchase a car from the company using cryptocurrency.

He said buyers can now purchase Tesla’s vehicles without paying fiat.

Musk said the payment option is only available in the United States while other countries would be included later in the year.

According to him, money paid by customers will be kept as Bitcoin rather than storing it as a traditional currency like dollars.

The automaker, however, said Tesla’s Bitcoin payment option comes with a clause.

READ ALSO: Bitcoin market cap slumps after over $7,000 wiped off

He said: “You may not make purchases with us using any other digital asset including Bitcoin fork products such as Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin.”

The announcement had initially pushed Bitcoin’s value from $54,781 to a 24-hour high of $56,958 per unit.

Tesla’s new payment policy had a positive impact on Bitcoin value but the surge didn’t last.

The most popular cryptocurrency crashed afterward with over $2,000 wiped off the value.

Bitcoin was trading at $54,770, below its value before Musk made the announcement.

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