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Friday 20 May 2022

Man purchases €75,000 car using only bitcoin

The Tesla Model S Performance is believed to be the first car to be purchased using the digital currency.

The Tesla Model S Performance
The Tesla Model S Performance
Image: Tesla Motors

AS THE PRICE of bitcoin hovers around the €670 mark, the number of things you can use it for grows. Now you can add cars to the list as the first one was recently purchased using the digital currency.

The Lamborghini Newport Beach dealership, based in California, announced that one of its cars, a Tesla Model S Performance, was purchased using bitcoin last week.

The electric car, which is only available in the US, cost €74,914 ($103,000), or 91.4 bitcoins during the time of purchase.

The marketing director for the dealership, Cedric Davy, told CNN that the man had contacted them asking if he could use bitcoin to buy the car. Once that happened, it was a matter of figuring out how to convert it and complete the sale.

While the value of bitcoin dropped after the sale was made, the payment processor Bitpay ensured that the price was locked for both the buyer and the dealership.

It’s the first time the dealership has accepted bitcoin and it’s now accepting it for future purchases.

The number of ways in which you can spend bitcoin continues to increase. One university in Cyprus is allowing students to pay for their tuition fees using bitcoin while Virgin Galactic customers can use the digital currency to pay for a commercial flight to space.

Read: Man searching for binned €4.8m told there’s ‘no chance’ of finding it >

Read: China now the biggest market for Bitcoin trading >

About the author:

Quinton O'Reilly

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