Buya Tesla with Bitcoin
You can now buy a Tesla with Bitcoin. You read that right and it’s not a rumor. It’s coming straight from the CEO of Tesla, Elon Musk, himself.
In a tweet on 24/3/2021, Tesla CEO said potential car owners can buy the world-famous electric vehicles using Bitcoin, the world’s largest digital currency.
Musk added that Tesla is using only internal and open source software and that it would operate its own Bitcoin nodes directly. As such, all the BTC paid by users to Tesla would be retained as Bitcoin, not converted to fiat currency as in other fiat-to-Bitcoin product purchases.
This means unlike most other purchases of real-world assets like real estate, watches, or yachts, Tesla will continue to hold the Bitcoin they receive on their books, instead of accepting BTC and cashing out to dollars (or other fiat currencies instantly).
Meanwhile, while the above is currently only available to US citizens, Musk said car buyers in other countries can soon purchase a shiny new Tesla using BTC. “Pay by Bitcoin capability available outside the US later this year,” he said in another tweet.
Musk, who’s officially the ‘Technoking of Tesla’ at the car company, isn’t new to Bitcoin. He’s been making memes about the currency (and meme coin Dogecoin) for months and even oversaw Tesla’s mammoth purchase of Bitcoin for their own books.
Last month, Tesla picked up over $1.5 billion worth of Bitcoin in a move mirroring that of business analytics firm MicroStrategy (which is sitting on over 90,000 BTC as per records).
Tesla, as per a US Securities and Exchange Commission (SEC) filing, said it added Bitcoin to its treasury to safeguard against inflation and find returns in an outperforming, globally-accepted, and liquid asset class. The firm joined the cohort of tech firms like MicroStrategy and payments firm Square with the move, with the common narrative being that of finding better returns via Bitcoin alongside moving away from traditional assets.
Some users are seemingly urging Tesla to start accepting Dogecoin, one that Musk loves to joke about. And given the meme potential, that’s won’t be entirely surprising.