The CEO of electric car manufacturing company Telsa Elon Musk announced today on Twitter that its electric cars can now be purchased with Bitcoin.

According to Elon Musk, his company will be using the hodl strategy where the Bitcoin used for purchase would not be converted to fiat currency but stored.

“Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” he tweeted.

Using the hodl strategy implies that the Bitcoin reserve of Tesla that already has a stash worth $1.5 billion will continue to grow. Earlier in February, Tesla announced an investment of $1.5 billion in the number one crypto Bitcoin.

The Bitcoin payment option has been added to Tesla’s website, and it is only available for customers in the United States.

Elon Musk hinted that the Bitcoin payment option would be available for its customers in other parts of the world later this year.

He also said that “Tesla is using only internal & open source software & operates Bitcoin nodes directly.”

The current price of bitcoin is $56,428.22, increasing by 2.97% in the last 24 hours. Bitcoin’s current market cap of $1.05T and market volume of $59.74B. In the last 24 hours, bitcoin has dropped to $53,577.33 and experienced a 24 hours high of $56,709.12.  Currently, 18,663,062.5 bitcoins are in circulation.

Stats and Image from Coin Desk

As usual, the price of Bitcoin reacted positively to the announcement, spiking a bit to reach over $56,000.

Tesla reiterated in its terms and condition section on its website that it will accept only Bitcoin for payment.

“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,” state the terms.