Elon Musk took to Twitter early Wednesday morning to announce that Telsa will now be accepting the cryptocurrency known as Bitcoin as payment.

Those in the United States looking to purchase a Tesla will now see the Bitcoin option when they go to check out on the company's official website, while the opportunity will be available in other countries later this year.

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Following the tweet, the price of Bitcoin rose 4.7% to a whopping $56,360 according to Market Insider.

Musk says all Bitcoin payments made to Tesla "will be retained as Bitcoin" and "not converted to fiat currency."

The announcement comes just over a month after the company put $1.5 billion down on Bitcoin as a push to bring more legitimacy to cryptocurrencies.