Elon Musk has been causing the crypto market to pump for one reason or another for several years now, with it at first primarily being cheeky fun the CEO was having with the Dogecoin community.. Over time, the eccentric entrepreneur and visionary became enamored with the cryptocurrency market, often commenting on the state of things. This is interesting, especially for anyone interested in crypto and living in Michigan. There have been posts on Hive about Tesla, INC. accepting bitcoin. Tesla Inc. (NASDAQ: TSLA) has double-charged some customers who purchased new cars and given them a frustrating time when they sought refunds, according to a report by CNBC. I think it would truly behove Tesla to put together a little primer on what it means to use bitcoin to buy a Tesla. While it’s likely Tesla would refund in dollars if the market rose between purchase and refund dates. Read the details in the portion below. Tesla disclosed in a securities filing earlier this month that it had bought $1.5 billion worth of bitcoin. Bitcoin USD price, real-time (live) charts, news and videos. Elon Musk’s Tesla sold some of its bitcoin in the first quarter for $272 million in proceeds, $101M of profit. Tesla also cautions that the value of any Bitcoin refund could be “significantly less” than its U.S. dollar equivalent at the time of purchase due to the volatility of the currency. Listen to the most important stories in Bitcoin and crypto covered by our newsroom in the past week. There doesn’t seem to be an actual way to PAY right now on the website, but one submits a form and they probably follow up with you at TOD for the bitcoin. Tesla instead will only be required to refund the value that is listed on the bill of sale in USD. Found in the fine print when purchasing a vehicle with BTC, there’s a catch-22 explaining that Tesla, at its sole discretion, can choose how it refunds a buyer – either through BTC or USD. Elon Musk further mentioned that Bitcoin paid to buy Tesla cars will be retained as Bitcoin and not converted fiat currency (government issued money). If any consumer needs a $ 50,000 electric car refund, Tesla has two alternatives: return exactly the same amount of bitcoins paid for the car or $ 50,000 in fiat money.If you're unlucky enough to pick up a defective car, end up needing a refund and Bitcoin has gone up, you can be sure that you will receive a check for $ 50,000. Now the customer wants a refund: Elon Musk revealed the firm plans to keep the Bitcoin earned rather than convert it to dollars. Tesla would have to cope with a wave of returns as bitcoiners sabotage their $50,000 Teslas in the hope of getting a big $500,000 bitcoin bonanza! A protester jumped on top of a Tesla Model 3 at the Shanghai auto show. Even Tesla admits that when buying one of their cars using Bitcoin, these kinds of refunds just might be a much bigger hassle. Tesla is using only internal & open source software & operates Bitcoin nodes directly. Tesla also reserves the right to issue refunds for crypto purchases either in bitcoin or US dollars. Tesla Begins Accepting Bitcoin As A Payment Option. Add to this capital gains tax obligations when buying in Bitcoin, and paying in dollars looks the better deal. One final word of warning. The refunds followed CNBC's reporting on … But don’t worry — if you use Bitcoin to buy something from Tesla, we’ll tell you both the US Dollar price and the Bitcoin equivalent price. How are refunds done by law? Add to this capital gains tax obligations when buying in Bitcoin, and paying in dollars looks the better deal. Bigger hassle behove Tesla to put together a little primer on what it means use... 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