Tesla cars can now be bought using Bitcoin, CEO Elon Musk tweeted on Wednesday. Musk has been known to be a Bitcoin enthusiast himself, and earlier this year Tesla reportedly invested $1.5 billion worth of the cryptocurrency – the most valuable of its kind.

In a subsequent tweet, Musk explained that Bitcoin paid to Tesla will not be converted into regular currency. He also added that the option to pay using cryptocurrency will be available outside the U.S. later this year.

According to Musk, Tesla runs its own internal software to handle the transactions, and “operates Bitcoin nodes directly” – meaning they have their own computers processing Bitcoin payments. (Click here to read more about how Bitcoin works.)

You can now buy a Tesla with Bitcoin

— Elon Musk (@elonmusk) March 24, 2021

The price of a single Bitcoin jumped nearly 3% and reached $56,242 after Musk’s announcement. This would be enough to buy an entry-level Tesla Model 3, which costs roughly $40,000. The Model X, currently the company’s most expensive car, starts at around $120,000 – or a little more than two Bitcoins. 

However, Bitcoin’s rapidly changing price means the buyer could potentially lose in some situations. According to the BBC, Tesla’s terms and conditions state that if the customer needs a refund, it can be paid in either the exact amount of Bitcoins paid or in dollars, based on the price of the car. So the cryptocurrency price of the vehicle practically changes every day – which could be an issue if the value of Bitcoin rises before receiving a refund, for example. 

Earlier this month, Tesla’s chief financial officer Zach Kirkhorn gained the new title of “Master of Coin,” while Musk gained the title of “Technoking of Tesla.” In February, Musk said in an interview on audio platform Clubhouse that he believes that Bitcoin is about to get “broad acceptance by conventional finance people,” and that he should have invested in the cryptocurrency years ago.