Tesla is known to move in directions other companies scare to even look at. So in February 2021, when Tesla bought 1.5 billion worth of bitcoin, everyone was confused if that was just an investment into ever appreciating bitcoin or was it a move to allow bitcoin purchases. Tesla also noted in an SEC filing disclosing the transaction that it could also eventually accept the cryptocurrency as payment from customers for its vehicles. And today it has become official.
The option to pay using Bitcoin is now available on the company’s US website. It even has an FAQ specific to Bitcoins on its company website.
Elon musk has specifically mentioned that they might not sell the bitcoins customers are bringing in and rather ‘Hodl’ which means they will hold it for future gains (Bitcoin is speculated to reach $100000 which is almost double the current price.)
So what it means for a customer is that they can buy some bitcoin in dips, wait for it to reach a specific value, and then buy tesla, which makes the actual cost for buying tesla speculative for a customer. That also mean that, If you had bought some 2500 dollars worth of bitcoin in 2019 January, today you could have been a proud owner of the Tesla Model 3.
Bitcoin had numerous drawdowns and spikes of 20% or greater, with some as large as 80%. So timing will become crucial for anyone who buys a Tesla. And eventually, there is going to be a lot of regret among customers if bitcoin prices rise to higher values, same as how Laszlo Hanyecz felt after buying 2 pizzas for 10,000 bitcoins.
