What happened: The automaker has published its “Bitcoin Terms and Conditions,” which outline the process for purchasing a vehicle with BTC.
The company headed by Elon Musk will set the price for all products in US dollars, and customers who choose to pay in BTC must pay an equivalent value. Tesla will provide a BTC equivalent price.
“You must initiate the transfer of the Bitcoin price to us within the time frame we provide to you with the Bitcoin price (the ‘Bitcoin price window’),” in accordance with Tesla’s terms.
If the transfer is not initiated in the Bitcoin price window, the BTC price will expire and Tesla will provide a new BTC price and a new window at the customer’s request.
Why is this important: Musk announced on Wednesday that Tesla would start accepting Bitcoin payments for its vehicles. He said the company would not convert the amounts paid into fiat.
Fluctuations in BTC can be measured by the current price action. BTC traded 3.24% lower at press time at $ 53,028.38. It hit a 24-hour high of $ 57,262.38.
If you were to order a Model S Long Range for the purchase price of $ 78,490 at press time it would cost 1.48 BTC, but during the 24 hours it would have cost 1.37 BTC, a difference of 8 .02% over a 24 hour period. hours.
However, volatility aside, there may be an advantage for customers who buy a Tesla with BTC: lower taxes.
Price action: Tesla shares closed nearly 4.8% lower at $ 630.27 on Wednesday and gained nearly 0.6% after hours.
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