Prospective Tesla EV buyers will again have the option to use cryptocurrency as payment.
Global Technology company, Bots Inc (BTZI), is allowing the public to, once again, buy Tesla EV’s with digital currency. The global technology company that focuses on blockchain-based solutions announced Monday that it has begun allowing local car dealerships a new service. The platform will allow merchants to accept Dogecoin and other cryptos to purchase preowned Tesla models. Previously, Bots Inc was one of the first publicly traded companies to take dogecoin as payment.
According to a press release from BTZI, a recent study showed that a shortage of microchips in the world has led carmakers to limit the new cars being produced. A byproduct of this decision has been the surge in prices for used cars. The value of used cars has jumped so much that a secondhand Tesla Model 3 is now around 3% more valuable than a brand-new Model 3 from the factory.
With the used car market on fire as it is, the management at Bots Inc. decided to offer their merchant services to Tesla cars first but will eventually “offer cryptocurrency acceptance services to other car manufactures and dealerships.”
Tesla’s history with cryptocurrency
Back in March 2021, Elon Musk and Tesla made headlines after announcing the EV car manufacturer would begin accepting bitcoin as payment on new cars. Then, in May, Musk asked the community if Tesla should add dogecoin to its payment options and sent the market ablaze with activity. The rush on DOGE sent the price up 20% in the hours after news broke and cemented Musk as the ‘Dogefather.’ However, not long after, Musk announced that due to environmental concerns, Tesla would be putting bitcoin payments on hold.
Musk’s main cause for consent was stated as being the massive energy consumed by crypto mining and the negative impact it has on the environment. In response, the market dipped 16% in just a couple of hours. Later on, Musk clarified that Tesla would again accept payments in bitcoin if the world’s cryptocurrency mining community transitions to renewable energy. Specifically, the CEO said that if the world’s mining operations crossed 50% renewable energy, then Tesla models would once again be available for purchase with digital currency.