It seemed like it was only a matter of time, and now it's officially a reality: Tesla buyers can now purchase their electric vehicle with Bitcoin. The incredibly popular vehicle manufacturer and the surging cryptocurrency share some interesting parallels - namely, a strong base of support and an upward-trending trajectory. While the pairing of the two isn't necessarily groundbreaking - many individual dealerships have accepted cryptocurrency as payment for years - it is a significant move that further solidifies Bitcoin's position in the marketplace.
Bitcoin, first released in 2009, is a decentralized digital currency that is traded at a peer-to-peer level. It's currently one of the most stable forms of cryptocurrency available, and it has become more widely accepted as forms of payment at different places of business in recent years. Elon Musk, Tesla's CEO, actually has an interesting relationship with Bitcoin, considering the Musk name is often used by scammers in various crypto-related scams.
Musk tweeted early Wednesday that U.S. customers can now buy a Tesla with Bitcoin, adding that Bitcoin that's paid to Tesla will not be converted to fiat currency, but rather remain in its current form. Musk also said that the ability to pay by Bitcoin will be available outside of the U.S. "later this year." Tesla's own website reflects Musk's tweets, with a Bitcoin button now sitting below the "order with card" button on the site's payment page.
How Much Bitcoin Does It Take To Buy A Tesla?
The amount of Bitcoin needed to buy a Tesla will indefinitely be a fluid figure. Not just because different Tesla models and vehicles come with varying costs, but also because Bitcoin is traditionally a more volatile form of currency than the standard U.S. dollar. The price of Bitcoin fluctuates over time, meaning that it might cost more Bitcoin to buy a Tesla one week than it does the next. Right now, one Bitcoin is equal to the equivalent to $55,000 U.S. dollars. That would be enough to buy the Model 3 Performance edition, which can reach a top speed of 162 mph and can go 0-60 mph in 3.1 seconds, at a purchase price of $54,490. A single Bitcoin is also currently enough to pre-order the Dual Motor AWD version of the Tesla Cybertruck at $49,900, though production for the futuristic truck is still a ways off.
As it turns out, a growing number of people may have at least one Bitcoin to potentially spend on a new Tesla. According to a 2020 article by Coin Telegraph, nearly 800,000 wallets have a balance of at least one Bitcoin. While most people don't have the luxury of owning at least one Bitcoin, they can still pay the non-refundable order fee for a Tesla at a cost of 0.00183659 Bitcoin, the equivalent of $100.
Source: Elon Musk/Twitter, Coin Telegraph