You Can Buy A Tesla With Bitcoin, But Who Would?
You can now buy a Tesla with Bitcoin (BTC). Those are the words of Tesla CEO Elon Musk who tweeted the announcement earlier today.
The news has had a positive effect on the market as Bitcoin has risen from a low of $54,052 to $56,568 at time of writing.
And while it’s another step towards Bitcoin mainstream adoption, who would buy a Tesla with Bitcoin today?
Tesla Accepts Bitcoin As Payment
Tesla CEO Elon Musk is a controversial genius, who’s been active on Crypto Twitter for a while, most notably pumping Dogecoin. And while that infuriated many Bitcoiners, it was clear Musk was having fun, probably while stoned.
Recently, the rocket scientist came clean and told the world he was into Bitcoin and that his company had invested $1.5 billion of its balance sheet into Bitcoin.
The announcement in early February that Tesla had spent $1.5 billion buying Bitcoin gave the leading cryptocurrency its biggest 24hr upside move and hit a then all-time high of over $48k.
Musk said then that Tesla would begin accepting Bitcoin as a means of payment for its products, and here we are 6 weeks later and you can now officially buy a Tesla with Bitcoin.
‘You can now buy Tesla with Bitcoin,’ said Elon Musk who explained that the company was also operating Bitcoin nodes directly and that any payment in Bitcoin would be kept in Bitcoin.
‘Tesla is using only internal and open-source software and operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.’
This is only available to US residents for now, but the Tesla CEO said ‘Pay by Bitcoin capability [would be] available outside the US later this year.’
Who Would Want To Buy A Tesla With Bitcoin Today?
The news that you can now buy a Tesla with Bitcoin comes as no shock, after Elon Musk announced the company would be accepting BTC as a means of payment.
That said, it has had a positive impact on the Bitcoin price, but who really would spend their Bitcoin on a Tesla today?
You can buy the cheapest Tesla, Model 3 Rear-Wheel Drive Standard Range, today for $35,000, or 0.62 BTC, but really who would use something that is likely to appreciate in value for something that many say is highly overpriced?
Overpriced to some, but the Tesla CEO claims self-driving robotaxis justified the high price for his vehicles.
In that case, you could always rent out your Tesla as a self-driving robotaxi and make some passive income. Then again you have to maintain the car then, so there will be additional costs with running it.
If it was for personal use and you live in a busy city, buying a Tesla would probably make your life better as you could just put it on self-drive mode and sit back and enjoy the scenery, or catch up with your work.
Buying a Tesla with Bitcoin is a bold decision, especially as many predict the value of BTC will rise significantly in the coming years.
Remember Laszlo, the guy who spent 10,000 BTC on 2 pizzas back in May 2010. Of course he never imagined those Bitcoins would be worth over $564 million today, so maybe take heed form him and if you really want to buy a Tesla, get rid of your dollars.