Tesla Begins Accepting Bitcoin As a Payment Method

Mar 24, 2021   

Tesla has officially begun accepting Bitcoin as a payment method on its site.

When ordering a new Model 3, Model Y, Model S, or Model X it is now possible to pay the $100 order deposit with Bitcoin. The current rate at time of publication is an estimated 0.0018376 BTC.

Bitcoin payment is available as an option alongside the more conventional credit card and Apple Pay methods.

Musk emphasized on Twitter that Bitcoin payments would be kept as Bitcoin rather than converted to localized currency.

This comes after Tesla’s $1.5 billion investment in the cryptocurrency a little over a month ago.

Real Talk

This seems like just the first step, and effectively a test for the company. Only the $100 nonrefundable order deposit can be paid with Bitcoin, not the entire value of the vehicle.

Purchasing a Tesla still has to be done through traditional cash or financing. That’s not to say an investor can’t convert their Bitcoin to cash and pay in full for the same end result.

There are still numerous benefits for the cryptocurrency by having it as an option for the order deposit. Simply accepting Bitcoin at all raises the value of the crypto, which is trading 2.5% higher today. Most importantly, it establishes Bitcoin as a real currency.

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