It’s a well-known fact that the second richest person on earth is a huge bitcoin enthusiast. Recently Elon Musk bought bitcoin worth $1.5 billion, Tesla stating that it provides more flexibility to further diversify and maximize their cash returns that are not required to maintain adequate operating liquidity.
Lately, Elon Musk tweeted that “you can buy a Tesla with bitcoin”. Bitcoins and other cryptocurrencies have been believed to be the currency of the future but it’s becoming a reality now through Tesla. Although Elon Musk has bought up this scheme of using bitcoins to purchase a Tesla there are few insights into this trade.
Tesla’s support page has already updated its page including bitcoins as a method of payment. Tesla operates bitcoin nodes directly. Nodes are computers that are used to verify bitcoin transactions to avoid cryptocurrency from being spent twice.
If the buyers who buy Tesla through bitcoins want to obtain a refund Tesla has a policy which is fully in advantage for them, as they mention in a case of refund Tesla, that it reserves the right to refund the customer in U.S dollars at the exact price bitcoin was worth at the time of purchase.
This works to Tesla’s advantage through price swings in the cryptocurrency or fiat currency, leaving customers with less than what they might have been originally entitled to with a refund based on a straight U.S dollar transaction.
People in the U.S have the comfort of buying Tesla cars with bitcoin currently but customers outside the U.S will have to wait till the latter part of this year and the list of countries who are to be entitled to this group hasn’t been mentioned yet.