Lamborghini Dealer Says Tesla Model S Wasn’t Bought With Bitcoins (w/video)

DEC 10 2013 BY ERIC LOVEDAY 10

Model S That Wasn't Sold For Bitcoins

Model S That Wasn’t Sold For Bitcoins

Initially, we were hesitant on airing the story of the Tesla Model S buyer who allegedly paid for the used vehicle using bitcoins at the Lamborghini Newport Beach dealerships in Costa Mesa, California.

Bitcoins Won't Buy You a Model S - At Least Not at the Dealer Mentioned in This Story

Bitcoins Won’t Buy You a Model S – At Least Not at the Dealer Mentioned in This Story

As it turns out, our hesitation was justified.  We thought the story seemed a bit iffy and sure enough it was.

As CNBC reports, Pietro Frigerio, the general manager of the dealership, never accepted bitcoin during the transaction.

Instead, the buyer converted bitcoins to US dollars at the request of the dealer.

So, in essence, the vehicle was bought with dollars, not bitcoins.

As Frigeriostated on CNBC’s “Squawk on the Street:”

“The transaction in our bank account, we received a wire in U.S. dollars.  So you could say that I didn’t want bitcoins. And I never touched bitcoins.”

BitPay was the service used to convert bitcoins to dollars moments prior to the transaction.

Frigerio says that the dealer would never accept foreign currency, gold bars or bitcoins for payment.  It would be the buyers duty to convert any forms of payment over to US dollars first before completing the transaction.

Quoting Frigerio:

“It’s like if you come into the dealership and you want to buy a Lamborghini using gold bars. We will not accept that. We will accept U.S. dollars. You go out. You exchange it. You come back to us. That’s how it worked.”

On a positive note, the Model S buyer was a Florida resident who purchased the vehicle sight unseen.  That alone speaks volumes for the Model S’ image, doesn’t it?

Source: CNBC

Categories: Tesla

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10 Comments on "Lamborghini Dealer Says Tesla Model S Wasn’t Bought With Bitcoins (w/video)"

newest oldest most voted
kdawg

I remember not long ago when bitcoins were $20. Now they are $1,200.
I think I’ll invent some $.

Ocean Railroader

This new money system bitcooin worries me on several different levels. I’m so glad I invested all my stocks in glass telegraph pole insulators. That way when the power goes out or someone named B.J crashes my computer they are still there.

MrEnergyCzar

Any threat to the Petrodollar will be made illegal at some point. Interesting though.

MrEnergyCzar

Ocean Railroader

In Africa China collects payment for building mega projects from the counties there not in cash currency but in the form of minerals and oil. Such as we will built a new hospital for say 700,000 barrels of oil. Or a new major river crossing or a dam project that a county would never be able to afford for say for a few million tons of iron or or col bolt. I think it’s a good system in that a county’s currency could easily have run away inflation or it could fall in value but with a resource based deal the solid resources don’t drop in value.

I found this out on Skyscraper City website.

sven

Silly Lamborghini dealer should stick to selling Lamborghinis. Doesn’t he know that Teslas catch fire on the highway from minor impacts.

/sarcasm

http://www.autoblog.com/2013/12/07/lamborghini-supercar-fire-accident-video/

Jay Cole

sidenote: you can just drop the embed code in for youtube and it will pop sven

Moe Moltar

Non-story, it’s like reporting on someone paying with PayPal. Sure seems like CNBC is trying hard to debunk a legitimate transaction.

Bill Howland

Whatever. IF he bought them for $20 and sold for $1200 he just got a free car!

Gitle M

Misleading title. The buyer DID buy the car using bitcoins, but the payment provider exchanged the bitcoins for dollars for the car dealership. This is how most bitcoin accepting stores work. The only thing this proves is that there is absolutely no reason for any store NOT to accept bitcoin, because of these payment providers that handles the bitcoin for them, eliminating all risk.

Tony

At least with BitCoin you have a choice to participate. In the case of the unbacked USD, you have no choice. This is plus opportunity for me to buy my favorite Lambo Gallardo Coupe from http://www.lamborghinipalmbeach.com for good price 😉