Furthermore, Tesla announced that it would start using Bitcoin as the payment method in exchange for its products as well. The filing comes amid Elon Musk’s social media campaign surrounding the surge of popular cryptocurrencies, including Bitcoin, Ether, Ripple's XRP and Dogecoin.
After the announcement, the price of Bitcoin surged 10.96 percent to 43,200 percent.
Musk called on February 1st, Bitcoin a "good thing" and said he believes the biggest cryptocurrency is set to get mainstream attention.
"I think Bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people. I don't have a strong opinion on other cryptocurrencies," Musk said during a Clubhouse chat session adding that some of his friends convinced him to buy Bitcoin in the past, but he believes he is "late to the party."
Musk also commented on Dogecoin fuss, saying that it "was made as a joke to make fun of cryptocurrencies obviously, but fate loves irony and often as a friend of mine says that the most ironic outcome or I'd say the most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of earth in the future."