Online Marketplace Now Allows Buying Tesla with Bitcoin

Car For Coin – an auction website where users can purchase luxurious cars – also provided bitcoin payments as an option.

Other examples of the latest cryptocurrency adoption are the fashion brand – PacSun – and the charity organization – Nicklaus Children’s Hospital Foundation.

Paying for Tesla in BTC Becomes Possible Again

Even though Tesla has suspended bitcoin payment for its electric vehicles, citing energy consumption as the reason, the online marketplace for exotic cars – Car For Coin – once again granted that opportunity.

According to a recent press release, the auction site, which lists high-end vehicles such as Tesla, Porsche, Lamborghini, McLaren, Ferrari, and more, allowed customers to pay in US dollars or the equivalent in bitcoin to acquire some of the sports cars.

As of the moment, the most expensive one is an exclusive Porsche 911 GT3 that costs $110,000 or 2.02 BTC (calculated in today’s prices). Speaking of Tesla, one can buy a Model S from the brand for $35,000 or 0.64 BTC.

Tom Hegedosh – Founder of Car For Coin – explained in detail how people can employ crypto payments into the new offering:

“During an auction, bidders and sellers do not have to worry about the volatile values of crypto. All bids and auction prices are listed in USD because of the familiarity of the fiat currency’s value. Buyers can choose to pay for Teslas and other vehicles with crypto or traditional currency after they win the auction. If the seller does not accept crypto, we’ll convert it; that’s not a problem.”

On the other hand, Justice Conder – Crypto Expert at the company – does not recommend paying for luxurious vehicles directly in bitcoin as the primary cryptocurrency is an appreciable asset that people should keep for the future. Instead, risky altcoins could be a more appropriate option.

PacSun Also Caught The Crypto Wave

Another firm that enabled digital asset settlements is PacSun. The major brand in the fashion and retail space added bitcoin and other cryptocurrencies using the leading blockchain payment provider – BitPay.

Namely, those are Ethereum (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD). Brieane Olson – President of PacSun – commented:

“With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers.”

The California-based retail clothing brand is designed for teens and young adults. The fact that younger generations are much more oriented towards technological innovations and digital currencies makes PacSun’s move sound highly perspective according to its Co-CEO Michael Relich:

“The Gen Z audience, our primary consumer, is very tech-oriented, and we dedicate a lot of our efforts towards social media and e-commerce to align with their lifestyles and resonate with them on a more personal level. Seeing their increasing desire towards cryptocurrency, it was clear that we needed to adjust and offer BitPay as another payment option.”

Donations for Children in Crypto

Nicklaus Children’s Hospital Foundation also announced that people can now make donations in digital assets.

The non-profit charity organization that focuses on providing better healthcare for children will accept the following cryptocurrencies for its cause: Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin, Basic Attention Token, Amp, ChainLink, Dai, The Graph, Gemini Dollar, Stor, UMA, Zcash, and more.

Since the IRS classifies cryptocurrency donations as property, meaning they are not subject to capital gains taxation, the foundation enabled people to support its mission in a tax-efficient way. Nicklaus Children’s President – Michelle Boggs – commented:

“We are so excited to begin accepting cryptocurrencies as a donation method to benefit the children and families we serve every day. We hope that by adding this method of giving, we will reach more people who want to support the life-saving work of our hospital, and do so in a fast, easy, secure transaction.”

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