On Tuesday, Tesla CEO Elon Musk announced that it is now possible to buy Tesla vehicles in the United States with Bitcoin.

The automobile company revealed last month that it had bought over $1.5 billion worth of Bitcoin, and would soon start accepting the world's most lucrative cryptocurrency as a form of payment.

Musk added that people residing outside the United States will be able to purchase a Tesla with Bitcoin "later this year", articulating that Tesla is using "internal [...] open source software" to accept payments.

Musk added that Tesla “operates bitcoin nodes directly" - as Nodes are computers on Bitcoin’s network that work to verify transactions.

Musk has embraced the popular cryptocurrency more than any other tech company, due to which Tesla's share price has seen huge gains over the last 12 months, with Tesla shares rising from around $100 to over $600, and Bitcoin rising from around $7,000 to over $55,000.

However, some investors have raised concerns that Tesla and Bitcoin are both in "bubble territory".

Tesla’s market value soared to over $800 billion by January, before dropping to less than $600 billion in February. It now stands at around $635 billion.