Man buys $100K Tesla Model S car with Bitcoins

Picture: Lamborghini Newport Beach

MANY have been quick to dismiss Bitcoins and label them as a passing tech fad.

But a luxury car dealership has blown that image out the window by accepting payment for a fancy sports car in Bitcoins.

A Florida man bought a Tesla Model S car for 91.4 Bitcoins, or approximately $103,000, from the Lamborghini Newport Beach dealership in southern California last week.

"We just sold our very first vehicle with Bitcoin as payment," the dealership stated in a blog post.

"That's right, an electronic currency was used to purchase a fully electric vehicle."

The purchase is believed to be the first car to ever be bought with the online currency, reports Mashable.

Little is known about the buyer, except that he called the dealership asking if he could pay for the car with Bitcoins.

They then worked with BitPay to make the sale happen, said the dealership's marketing director Cedric Davy.

"We had heard about it before, but we weren't extremely familiar, so we basically did our homework and looked for ways for us to convert it into dollars," Mr Davy.

"All these people have Bitcoins," he said. "I think some people are trying to spend it."

And the timing couldn't have been more perfect - the value of the digital currency dropped sharply on Friday, just days after the purchase.