advertisement
advertisement

Elon Musk announces Teslas can now be bought with Bitcoin

But due to the volatility of bitcoin, a customer could receive “significantly less” than they originally paid if they want a refund.

Elon Musk announces Teslas can now be bought with Bitcoin
[Photo: Flickr user Jakob Härter]
advertisement
advertisement
advertisement

Elon Musk took to Twitter this morning to announce that customers will soon be able to buy a new Tesla using bitcoin instead of fiat currency.

advertisement
advertisement

The move to accepting bitcoins as payment comes roughly a month after Tesla announced it bought $1.5 billion worth of bitcoin and that it had plans to enable bitcoin as a payment option in the future.

In a further tweet, Musk clarified that Tesla would not convert the bitcoin payments into fiat cash, and would instead hold onto the bitcoin as bitcoin.

advertisement

The company also published a bitcoin FAQ on its website notifying customers that bitcoin is the only cryptocurrency it will accept. It also warned customers that if they attempt to send another type of cryptocurrency to Tesla’s bitcoin address, “we will not receive the transaction and it will likely result in a loss of funds for you.”

The company’s bitcoin terms and conditions also state that if someone pays the deposit for a Tesla vehicle in bitcoin and then asks for a refund, they could receive “significantly less” bitcoin back than they originally paid due to the volatility of the cryptocurrency.

advertisement

Right now bitcoin payments are only available in the U.S., but Musk says the option will be available in other countries later this year.

About the author

Michael Grothaus is a novelist, journalist, and former screenwriter. His debut novel EPIPHANY JONES is out now from Orenda Books. You can read more about him at MichaelGrothaus.com

More