News

Tesla Suspends Purchases With Bitcoin

Tesla has suspended vehicle purchases using Bitcoin, Chief Executive Elon Musk said on Twitter. The cryptocurrency lost about 5% in value minutes after the tweet.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel, Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” a statement posted by Musk said. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Tesla disclosed in February that it bought $1.5 billion worth of Bitcoin, then showed during it’s Q1 update that the company cashed in on a $101 million profit. While Tesla will no longer accept Bitcoin, Musk said it plans to hold the Bitcoin it owns.

Tesla Chief Executive Elon Musk has been hyping crypto in recent months. In particular, he has promoted Bitcoin and Dogecoin. Tesla was also the first major automaker to allow bitcoin as payment.

gearchruncher

Active Member
Sep 20, 2016
1,573
2,052
Seattle, WA
Why does it matter? Paying Tesla in bitcoin was always a bad idea- they could refund you in USD or BTC, whichever was lower. And you didn't lock in the BTC price when you reserved, you would always be paying the conversion rate at the moment of purchase. Just covert to cash and pay when the car shows up.

Heck, you shoulda done that when you reserved the car, would have cost you 13% less.
 

watsongrg

Member
Dec 5, 2016
19
32
atlanta
How much fossil fuel has been used to build the Tesla empire? Do you really think their electric cars have or will offset that enormous amount of fossil fuel used just to fuel it’s existence and growth?
Libtards have no idea what it really takes to run a country and the expansive commerce that goes along with it.
Build your little electric car utopia and then restrict or shutdown the fossil fuel industry and watch our economy crumble and out country topple. Fuel prices will sore. Prices and inflation will be beyond anyone’s reach.
Farm equipment, Trains, Planes, Cargo ships, Trucks, heavy equipment, not to mention RV’s boats, snowmobiles, ATV’S, 4x4’s and all those SpaceX rockets etc., they will all come to a halt and so will our economy.

And if you say we don’t need those things you’re they same kind of Libtard that wants everyone to wear a mask 24/7 and stay at home, conform like a sheep, and be devoid of the fun and adventure of life in a free country.

It’s pretty simple common sense. There is no argument that fossil fuel has a higher energy density per size and weight than any other safe viable source.
If you use fossil fuel to create an inferior alternative, where will you be when the transition is complete?
Let’s see the Libtards put up or shut up. Try to go one month, or even one week trying to live the life you’re accustomed to, relying solely on electricity.
Impossible.
It only took 5 days to cripple the SE US this week, when the fossil fuel stopped flowing .....
Some Libtard stated the other day that the current pipeline/fuel crisis in the SE U.S. is an example of why we don’t need pipelines! WHAT? You idiot it’s an example of why we need more pipelines, energy independence, national security, cyber security, border control.
Another Libtard today said we all need to be driving Tesla’s ...
Tell that to the illegal immigrates flooding our country looking for a new life and prosperity. Offer them a Tesla or a 20 year old gas guzzling pickup truck and which one will they choose?
The pickup truck because they can get *sugar* done, earn a living and do the things that matter.

The only people driving Tesla’s, or electric cars in general, are the ones who rely on someone else expending fossil fuel to make our country go, And are too ignorant to realize and/or arrogant to admit it.
 
Last edited:

sleepydoc

Member
Aug 2, 2020
76
65
Minneapolis
How much fossil fuel has been used to build the Tesla empire? Do you really think their electric cars have or will offset that enormous amount of fossil fuel used just to fuel it’s existence and growth?
Libtards have no idea what it really takes to run a country and the expansive commerce that goes along with it.
Build your little electric car utopia and then restrict or shutdown the fossil fuel industry and watch our economy crumble and out country topple. Fuel prices will sore. Prices and inflation will be beyond anyone’s reach.
Farm equipment, Trains, Planes, Cargo ships, Trucks, heavy equipment, not to mention RV’s boats, snowmobiles, ATV’S, 4x4’s and all those SpaceX rockets etc., they will all come to a halt and so will our economy.

And if you say we don’t need those things you’re they same kind of Libtard that wants everyone to wear a mask 24/7 and stay at home, conform like a sheep, and be devoid of the fun and adventure of life in a free country.

It’s pretty simple common sense. There is no argument that fossil fuel has a higher energy density per size and weight than any other safe viable source.
If you use fossil fuel to create an inferior alternative, where will you be when the transition is complete?
Let’s see the Libtards put up or shut up. Try to go one month, or even one week trying to live the life you’re accustomed to, relying solely on electricity.
Impossible.
It only took 5 days to cripple the SE US this week, when the fossil fuel stopped flowing .....
Some Libtard stated the other day that the current pipeline/fuel crisis in the SE U.S. is an example of why we don’t need pipelines! WHAT? You idiot it’s an example of why we need more pipelines, energy independence, national security, cyber security, border control.
Another Libtard today said we all need to be driving Tesla’s ...
Tell that to the illegal immigrates flooding our country looking for a new life and prosperity. Offer them a Tesla or a 20 year old gas guzzling pickup truck and which one will they choose?
The pickup truck because they can get *sugar* done, earn a living and do the things that matter.

The only people driving Tesla’s, or electric cars in general, are the ones who rely on someone else expending fossil fuel to make our country go, And are too ignorant to realize and/or arrogant to admit it.
Nice rant. Please come back when you can add something constructive to the conversation.
 
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NDperson

Member
May 15, 2021
6
1
Bismarck North Dakota
As the title states, I made a deposit for a Model Y in Bitcoin last weekend. I get news today that Tesla will no longer accept Bitcoin. Will I be grand fathered in to be able to pay in Bitcoin? I called Tesla and the sales person doesn't know.
I'm sitting in the same boat. I spoke with one of my tesla reps and he said there would be no grandfathering of BTC payments. I told them to notate on my account that I would have no problem paying in DOGE instead. My rep told me we just have to wait to see what Elon tweets next. If they are going to accept DOGE or another crypto, I'll be fine... but would rather know soon if I will need to generate a cashiers check because it will take a few days to line all the financials up because for the dollar amt and my delivery date window is coming up. Model Y LR model ordered here. They took my $100 at the time of ordering no problem. I told them I wanted to pay in full for the car right away in BTC and they wouldn't do it. I'm up in arms about all this news because everyone is arguing btc vs doge which is fine, but what about all the orders that were placed with the intent to pay with bitcoin?
 

HankLloydRight

No Roads
Jan 18, 2014
12,951
10,973
Connecticut
I'm sitting in the same boat. I spoke with one of my tesla reps and he said there would be no grandfathering of BTC payments. I told them to notate on my account that I would have no problem paying in DOGE instead. My rep told me we just have to wait to see what Elon tweets next. If they are going to accept DOGE or another crypto, I'll be fine... but would rather know soon if I will need to generate a cashiers check because it will take a few days to line all the financials up because for the dollar amt and my delivery date window is coming up. Model Y LR model ordered here. They took my $100 at the time of ordering no problem. I told them I wanted to pay in full for the car right away in BTC and they wouldn't do it. I'm up in arms about all this news because everyone is arguing btc vs doge which is fine, but what about all the orders that were placed with the intent to pay with bitcoin?
Why does it matter? I’ll just repost what was posted above:


Why does it matter? Paying Tesla in bitcoin was always a bad idea- they could refund you in USD or BTC, whichever was lower. And you didn't lock in the BTC price when you reserved, you would always be paying the conversion rate at the moment of purchase. Just covert to cash and pay when the car shows up.

Heck, you shoulda done that when you reserved the car, would have cost you 13% less.
 

gearchruncher

Active Member
Sep 20, 2016
1,573
2,052
Seattle, WA
I'm up in arms about all this news because everyone is arguing btc vs doge which is fine, but what about all the orders that were placed with the intent to pay with bitcoin?
Welcome to Tesla. Things change all the time. Great cars, but the company and their policies are really iffy and fluid. Just know that you'll have other experiences like this, so if it bothers you Tesla may not be the company for you.

Since you haven't actually bought a car, your only "damages" are the $100 deposit. Maybe ask them nicely for it back if you really are going to back out? If you paid with a CC you could go to your bank, but if you paid with BTC.... ;)
 

NDperson

Member
May 15, 2021
6
1
Bismarck North Dakota
Welcome to Tesla. Things change all the time. Great cars, but the company and their policies are really iffy and fluid. Just know that you'll have other experiences like this, so if it bothers you Tesla may not be the company for you.

Since you haven't actually bought a car, your only "damages" are the $100 deposit. Maybe ask them nicely for it back if you really are going to back out? If you paid with a CC you could go to your bank, but if you paid with BTC.... ;)
Didn't pay the fee with BTC. I also don't feel there are "damages", money isn't the problem.
 

NDperson

Member
May 15, 2021
6
1
Bismarck North Dakota
Why does it matter? I’ll just repost what was posted above:
Clearly you don't know how the crypto world works. First off, the amount for the car purchase was locked in using DAI the moment the decision for the purchase was made. I told myself I was buying the car, then placed the funds aside for the payment. However, as I stated earlier I need a few days to move funds around because of the large dollar amount. While things would have been a simple touch of a button using BTC, now I have to run around in person to the bank to finish off the financial side.
 

gearchruncher

Active Member
Sep 20, 2016
1,573
2,052
Seattle, WA
now I have to run around in person to the bank to finish off the financial side.
Look into how Tesla prefers to take USD. It's all online and a direct withdrawal from your account. You don't need a cashier's check (not even sure they take them anymore). In the past they took a personal check from me multiple times (which is basically as good as a cashier's check for a car that they know the location of and can disable at any time remotely).

As of 8 months ago, personal check was still being accepted if ACH is a problem for you:
https://www.reddit.com/r/TeslaLounge/comments/irg0y7
 

NDperson

Member
May 15, 2021
6
1
Bismarck North Dakota
Well then as you say, just pay in USD. You'll know your delivery date a few days in advance, cash out the Crypto and set up your bank transfer.

Look into how Tesla prefers to take USD. It's all online and a direct withdrawal from your account. You don't need a cashier's check (not even sure they take them anymore). In the past they took a personal check from me multiple times (which is basically as good as a cashier's check for a car that they know the location of and can disable at any time remotely).

As of 8 months ago, personal check was still being accepted if ACH is a problem for you:
https://www.reddit.com/r/TeslaLounge/comments/irg0y7
I assumed a personal check would be out of the question because of the dollar amount, but I guess having a GPS on a car is enough insurance from their side. I guess if someone were to pull a fast one they'd be covered.
 

gearchruncher

Active Member
Sep 20, 2016
1,573
2,052
Seattle, WA
In my experience, most car dealers take a check. You need to register the car, and all sorts of other stuff. It's not a good thing to buy with a bad check, and cashiers checks are easy to forge too. In the modern world they can process your check ACH anyway.

Doesn't BTC take hours to clear sometimes too?
 

tekdemon

Member
Jun 8, 2017
32
54
NY
Honestly, these Bitcoin antics that Elon has me looking at alternatives. I was going to trade my 3 for a Y next month but having Elon literally pumping and dumping Bitcoin and screwing with people's finances like this is ridiculous. He's literally hurting his actual customers now.