Tesla will now accept Bitcoin as payment


Tesla’s Elon Musk has always been an adamant supporter of cryptocurrency, specifically Dogecoin and the more serious Bitcoin, the latter of which you can now use to buy an EV.

As is the case with a lot of Musk related news, this comes by way of his Twitter feed. In a series of tweets, Musk explains that Tesla is using an internal and open-source software for transactions, and operates directly with Bitcoin nodes. Transactions are made entirely with Bitcoin, without converting to fiat currency at any point. Handy if you have trouble keeping up with Bitcoin’s fluctuating value.

Tesla goes crypto

The Next Web reports that a few people have spotted the feature on Tesla’s website. Along with the usual Apple Pay and card options when you go to purchase an EV there is a new Bitcoin option, as long as you’re in the US. The option doesn’t appear internationally yet but Musk tweets that it will be later this year.

There’s a handy FAQ on the website explaining how the entire payment process works. Customers can either scan a QR code or copy ‘n paste Tesla’s Bitcoin address and the exact Bitcoin amount into their own wallets. Bitcoin is the only cryptocurrency the company accepts, explaining that payment in any other form of crypto will not be accepted and will result in a loss of funds should a customer go through with a full transaction anyway. The company also makes clear the significant catch that due to the similarity in nature between Bitcoin’s value and a yo-yo, refunds on a Bitcoin-bought Tesla EV could be substantially lower than the price of the initial purchase.

With Bitcoin as valuable and relatively commonplace as it is now, and with Tesla and Elon Musk’s own infatuation with the digital currency, it’s a logical next step. Unfortunately, it doesn’t do much in the way of obtaining a Tesla in SA at the moment.


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