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Want to buy your next car with bitcoin? What about your next cup of coffee?

Elon Musk, a longtime advocate for bitcoin, will soon give Tesla Inc.s customers the chance to buy the companys electric vehicles using the digital currency. The newsalong with Teslas move to acquire $1.5 billion of the cryptocurrency for its corporate treasurysent the price of bitcoin up 25% from Sunday to a new intraday record of $48,226 on Tuesday.

For bitcoin bulls, the announcement was the latest sign of validation for the burgeoning digital currency.

Despite making inroads with investors, bitcoin has been slow to take off as a form of payment. It was originally created in 2008 to operate like an electronic version of cash, allowing two people anywhere in the world to digitally exchange value as if they were physically exchanging cash.

In practice, it hasnt worked that way. The cost of using bitcoin, and its volatility, have made normal, day-to-day transactions impractical. That isnt likely to change with Teslas acceptance of the currency.

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Why Bitcoin Hasnt Gained Traction as a Form of Payment - The Wall Street Journal