On Tuesday, Tesla CEO Elon Musk announced that you can buy Tesla vehicles with the exchange of Bitcoin. Currently, this facility is available only for US customers. If you are outside the US, you have to wait for few more months to buy electronic vehicles of Tesla with Bitcoin.
How Can You Buy Tesla Vehicles with Bitcoin?
Cryptocurrencies are showing a surge in recent months. Among all available cryptocurrencies, Bitcoin value saw an exponential growth recently. Elon Musk who is very active on Twitter came in support of these currencies. He especially talked about Dogecoin and Bitcoin on his Twitter handle.
Last month, Tesla revealed that it has invested $1.5 billion in Bitcoin. Not only that, but it also announced at that time about the Bitcoin use to purchase the vehicles of Tesla. Finally, the company made it official. Bitcoin is the most popular and the most valuable cryptocurrency in the world.
How to buy the Tesla vehicles through Bitcoin? What is the process? How the terms and conditions will take place? To answer all such questions, Tesla has created a webpage for its customers to clear all doubts. A support page on Tesla’s website explains how customers can pay for a Tesla using digital currency. You can click here to know all details.
In the US, Tesla’s electric vehicle costs are between $37990 to $124000 excluding tax. When asked about the remaining countries, Elon said that outside US customers will be able to buy Tesla with bitcoin in the last months of 2021. He did not specify the countries where such operations will take place.
Tesla has announced its electronic vehicle sale in India. Since the Indian Government is on the way to ban all cryptocurrencies, so such operations may not take place in India. In China and Europe, Tesla has a strong presence. Most probably, it will start Bitcoin transactions in these two parts of the world.
Major Concerns related to Bitcoin
To facilitate the bitcoin transactions, Tesla has built an internal open-source software. Tesla also said that once it receives Bitcoin, it will be kept as it is. No cash exchange will take place of those Bitcoins.
Elon Musk further added:
“Tesla “operates bitcoin nodes directly.” Nodes are computers on bitcoin’s network that work to verify transactions and avoid the cryptocurrency from being spent twice.”
Tesla operations are environmentally friendly. It is providing electronic cars to save the world from global warming. On the other hand, Bitcoin operations leave carbon footprints that are dangerous for the environment. It is quite interesting how two opposite objective firms are coming together for a business tie-up. Elon Musk who talks about clean energy and saving the environment is openly accepting Bitcoin that is a threat to the environment.
In recent research by the University of Cambridge, it was found that Bitcoin uses more electricity than the whole of Argentina. A research paper published in 2018 in Nature, a prestigious academic journal indicated that Bitcoin alone can increase the earth’s temperature by 2°C.
Last month, Daniel Ives, an analyst at Wedbush, told CNBC:
“Musk is now tied to the bitcoin story in the eyes of the Street and although Tesla made a billion paper profit in its first month owning the digital gold, it comes with added risk.”
The last 12 months have brought a lot of good news for Tesla and Bitcoin. In these months, Tesla share surged from $100 to $600, whereas bitcoin had a spike from $7000 to over $55000.