You can now buy a Tesla with bitcoin

By Cameron Micallef

March 25 2021
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Tesla customers can now purchase one of its electric vehicles with bitcoin, the company’s website and the CEO’s post on Twitter have confirmed.

As promised earlier in the year, Tesla will start accepting the cryptocurrency as a form of payment, becoming the first major car manufacturer to accept the digital asset as payment.

Mr Musk took to Twitter to make the announcement, saying “you can now buy a Tesla with bitcoin”, adding that the option would be available outside the United States later this year.

In a series of subsequent tweets, Mr Musk said that “bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency”, and noted that the company uses internal, open source software and operates bitcoin nodes directly.

According to the company’s website, buyers can use their wallet to purchase the car by either scanning the QR code or copying and pasting the bitcoin address and the exact bitcoin amount into a wallet.

The electric car manufacturer announced in early February that it had invested in US$1.5 billion worth of bitcoin, while announcing it would soon accept cryptocurrency as a form of currency.

At the time, mainstream adaptability set the price of bitcoin to a new record high of US$62,000.

Electric vehicle interest in Australia rises

The timing of a new payment option for customers comes as national figures have revealed a nearly five-fold increase in the number of electric vehicles shipped to Australia in February.

Data released by the Australian bureau of statistics (ABS) showed that imports in February grew to $577 million, mainly driven by an increase in road vehicles.

“A number of commodities drove February’s road vehicle increase. Most notable were electric and hybrid vehicles. Electric vehicle imports grew $104 million to the largest value on record, while hybrid vehicle imports grew $95 million,” head of international statistics at the ABS, Andrew Tomadini said.

While January figures are traditionally weaker, falling to $2.88 billion, the solid figures for the past few months indicate that an expected return to form for the vehicle sector is well and truly on the cards.

“This is the highest month on record for electric vehicle imports (four times that of February 2020) and the third highest for hybrids. These increases align with media reports of a shift in demand for electric vehicles in early 2021 as a greater range is made available in Australia,” the ABS said in a statement.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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