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Earlier this year, Tesla converted $1.5billion to Bitcoin and the company is now offering it as a payment method across the US. Tesla boss Elon Musk confirmed the news on Twitter and said

payments to Tesla will "be retained as Bitcoin". He tweeted: "You can now buy a Tesla with Bitcoin. "Tesla is using only internal and open source software and operates

Bitcoin nodes directly. "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency." He said Bitcoin will be "available outside" the US later this

year. Over recent weeks, Mr Musk’s social media influence has helped to move financial markets. Last month, the price of bitcoin also rose after Mr Musk said he was a “supporter” of the

cryptocurrency. Mr Musk said on Clubhouse: “I am late to the party but a supporter. “I think Bitcoin is on the verge of getting broad acceptance by conventional finance people.” READ MORE: 

ELON MUSK RESPONDS TO CHINA OVER FEARS TESLA CARS ARE USED FOR SPYING The company said it had "updated our investment policy to provide us with more flexibility to further diversify and

maximise returns". They also revealed they will be accepting cryptocurrency as a form of payment for their products in the future. They said: “Moreover, we expect to begin accepting

bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.” Dan Ives, an

analyst at Wedbush Securities, said: "Investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path or,

on the other hand, does it remain a contained few names that make this strategic jump around bitcoin.” Simon Peters, a cryptoasset analyst at eToro, said other major companies are likely to

follow Tesla's example. He said: "If there were any doubters as to the mainstream acceptance of bitcoin, this surely must mark the end of any scepticism. “Multiple other brands

already accept bitcoin as payment, and we would imagine that, in time, other major companies will follow Tesla’s example.” Others expressed concerns over digital currency. Bank of England

governor, Andrew Bailey, warned Bitcoin has "no intrinsic value at all". He said in February: “I’ve said a number of times, ‘Only buy bitcoin if you’re prepared to lose all your

money.’ "It doesn’t mean you will lose all your money, it doesn’t mean the value will go to nothing, but it has no intrinsic value. "People may want it, they may want to collect

it, but it doesn’t have any intrinsic value at all."