Tesla Model S Sells —for 91.4 Bitcoins
Plus a police chief is now getting paid in the virtual currency
By Arden Dier, Newser Staff
Posted Dec 6, 2013 10:07 AM CST
This June 22, 2012 file photo shows a Tesla Model S outside the Tesla factory in Fremont, Calif.   (AP Photo/Paul Sakuma, File)

(Newser) – Bitcoin continues to inch toward the mainstream: First a university offered students the option of paying tuition in the digital currency; now a Newport Beach Lamborghini dealer has opened its doors to Bitcoin business. This week it sold a pre-owned Tesla Model S for 91.4 Bitcoins, delivered via Bitpay payment service, the Daily Dot reports. In other Bitcoin news:

  • The town of Vicco, Kentucky, will now pay its police chief in the virtual currency, after he officially made the request last month, the Hazard Herald reports. We've "done a checkup on it, and that's the way he wants [to be] paid, and that's the way the city is going to pay him," the city commissioner says. "We just want to be on top of things, and up-and-coming and more progressive as a city," the mayor adds.
  • Meanwhile, China has restricted its banks from using Bitcoin—"not a currency in the real meaning of the word," it says—despite the country's big demand for it. The move will "protect the status of the renminbi as the statutory currency, prevent risks of money laundering, and protect financial stability," a notice read, per the New York Times. Private citizens can do whatever they want with the currency, however, "provided they assume the risks themselves."
Speaking of Bitcoin issues, a scammer may have stolen $100 million worth of Bitcoins.

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Showing 3 of 13 comments
markinla
Dec 7, 2013 12:56 AM CST
The town of Vicco, Kentucky, will now pay its police chief in the virtual currency, after he officially made the request last month, This is really stupid. The town collects taxes based in dollars then it has to buy bitcoins to pay this guy. If this stupid bubble continues, the town may bankrupt itself trying to accumulate the bitcoins. If however, the value of bitcoins collapses, this police chief will cry and the city will pay him in dollars - you watch. The Tesla dealer is also speculating on the value of bitcoins increasing plus he probably sold the car with a huge margin over the currently traded price to protect himself. How long did the dealer wait before trying to convert the bitcoins into dollars - that will tell you what they really think about bitcoins as currency.
DarthWD56
Dec 6, 2013 10:47 AM CST
I wouldn't use bitcoins for anything other than making money of speculation until regulations are in place governing this currency. If this currency ever made it to the mainstream and was appropriately regulated in terms of trading and the like, it would result in massive changes to the global economy. Kind of like what the Euro did to the EU.
Tomorrows_Children
Dec 6, 2013 10:21 AM CST
People can shove their bitcoins up their butts. I'll only accept U.S. dollars.