On Wednesday, March 24, Elon Musk’s electric vehicle company Tesla announces to accept bitcoin as mode of payment.
This means, if you have the enough amount of cryptocurrency in your account, you can now own, at least the cheapest Tesla Model 3 model.
But, how much Bitcoin do you need to purchase Elon Musk’s most-boasted EV?
Tesla now accepts Bitcoin
Earlier today, Tesla CEO billionaire Elon Musk announces on his Twitter account that his company is now opening its doors to accept Bitcoin as mode of payment for their vehicles.
Unfortunately, this deal right now may only be done if you’ll buy the model in the United States. But, the billionaire clarified that people outside the US may purchase the car using bitcoin, “later this year,” though did not identify the specific countries included.
“You can now buy a Tesla with Bitcoin,” tweeted Musk, who was officially made the “Technoking of Tesla” this month.
How will you buy Tesla using bitcoin?
As Musk’s announcement shocked most of Tesla fans, one question pops in their head on this tweet. How will the company use bitcoin as payment method?
In order to accept payment, the company will use an “internal” and “open source software” to help with the process, as Musk said in one of his tweets.
This will “operate bitcoin nodes correctly.” Bitcoin nodes are important in any cryptocurrency purchases as it verifies the transaction and avoids the system of counting the currency twice in a row.
How much bitcoin do you need?
Let’s say, you’re planning to get a Tesla Model 3 model by using your bitcoin, how much cryptos should you spend to have one?
If we’re going to compare the prices of Tesla models and bitcoin today, a single bitcoin costs over $56,000.
Meanwhile, a Tesla Model 3 costs around $40,000. If you want, you could also purchase the most expensive Tesla, Model X Plaid model for $120,000—which equivalent to less than three bitcoins.
Does this mean that you can buy a Tesla model right now if you have three bitcoins? Sadly, no.
CNN reported Musk clarified that Tesla will not convert their model prices, equivalent to bitcoin prices today.
This means, the price of a single Tesla Model 3 may still varies, depending on how much Tesla would be charging, if you’re using bitcoin.
What experts say
Dan Ives, an analyst at Wedbush Securities, said “this is a seminal moment for Tesla and for the crypto world.”
“We expect less than 5% of transactions to be through Bitcoin over the next 12 to 18 months however this could move higher over time as crypto acceptance starts to ramp over the coming years,” he added.
If this payment method turns to fully-operation, you should expect Bitcoin value to get higher even more.
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.