Tesla Model S Purchased with Bitcoins in California

Ten years ago, if you told someone that an American-built, all-electric luxury sedan had been bought with internet currency, he or she may have looked at you like you were crazy. This situation isn’t so far-fetched today, though, as a Tesla Model S was recently purchased in Costa Mesa, California, using Bitcoins, an encrypted digital currency.

Lamborghini Newport Beach, the dealership that sold the car, explained that a Bitcoin is a person-to-person electronic currency that has been around for years online. More recently, Bitcoins have come into the public eye as a more widely-used, legal form of tender for online transactions. The dealership reportedly used what’s called an “exchange house,” which is a buyer and seller of Bitcoins that can convert them into US dollars. Bitcoins fluctuate in value similar to other currency exchanges; as of December 6, one Bitcoin is equal to approximately $960, so a $95,570 Tesla Model S Performance would cost approximately 98 Bitcoins. The value of Bitcoins has increased significantly over the past year, so those 98 Bitcoins could have been originally purchased for far less than the Model S's sticker price.

Lamborghini Newport Beach is now saying that it is fully capable of accepting Bitcoin for vehicles, so we may see this trend grow in the future. According to Yahoo Finance, Bitcoins are being used more and more for big-ticket purchases like this Tesla Model S. A Norwegian man reportedly bought an apartment in Oslo with Bitcoins, and Virgin Galactic will apparently be accepting Bitcoins as payment for its future space flights.

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