Tesla, the American electric vehicle and clean energy company, made headlines earlier this year when it announced that it had invested $1.5 billion in Bitcoin, the world’s largest cryptocurrency, and would soon begin accepting Bitcoin as a form of payment for its products. This move was seen as a major step forward for both Tesla and the cryptocurrency industry as a whole, and many were curious to see how it would play out in the long run. One of the most pressing questions was how many Teslas would be sold using Bitcoin, and how quickly this would happen.
In the months since Tesla’s announcement, there have been a number of reports and estimates regarding the number of Teslas sold using Bitcoin. However, the exact figure is difficult to pin down, as Tesla does not release specific data on Bitcoin payments. Some reports suggest that the number of Teslas sold with Bitcoin is relatively small compared to overall sales, while others suggest that it is a significant and growing number.
One of the most comprehensive estimates of Bitcoin sales at Tesla comes from a report by Wedbush Securities, an investment firm that closely follows Tesla’s performance. According to Wedbush, Tesla has sold roughly $600 million worth of Bitcoin since its initial investment, which would equate to around 10% of the $6 billion in total revenue that Tesla generated in the first quarter of 2021. While this figure is impressive, it should be noted that it is still a relatively small portion of Tesla’s overall sales and revenue.
Another estimate of Bitcoin sales at Tesla comes from data compiled by CoinPayments.net, a payment processing platform that facilitates transactions in cryptocurrencies. According to CoinPayments, Tesla has processed over 11,000 Bitcoin transactions since it began accepting the cryptocurrency, with an average transaction size of around $60,000. While this data does not provide a precise number of Teslas sold with Bitcoin, it does suggest that there is a significant amount of interest in using Bitcoin to purchase Tesla products.
Despite these estimates, it is important to note that there are a number of factors that may be contributing to the relatively slow adoption of Bitcoin as a payment method at Tesla. One of the main concerns is the volatility of Bitcoin’s price, which can fluctuate wildly from day to day. This can make it difficult for consumers to accurately budget for a Tesla purchase in Bitcoin, and may discourage some from using the cryptocurrency altogether.
Another potential barrier to Bitcoin adoption at Tesla is the relative complexity of the payment process. While Tesla has made it relatively easy for customers to pay with Bitcoin, there are still a number of steps involved in the transaction, including converting the Bitcoin to US dollars and transferring it to Tesla’s account. This may be intimidating for some customers, particularly those who are new to the world of cryptocurrencies.
Despite these challenges, it is clear that Tesla’s decision to invest in Bitcoin and accept it as a payment method has generated significant interest and excitement in the cryptocurrency community. While the number of Teslas sold with Bitcoin may be relatively small at this point, it is likely that this figure will grow over time as more consumers become comfortable with using cryptocurrencies for everyday purchases. As always, the future of Bitcoin and Tesla remains uncertain, but one thing is clear: the intersection of these two innovative and disruptive technologies is sure to be a fascinating one to watch in the years to come.