It’s not exactly a secret that Elon Musk is quite a strong supporter of Cryptocurrency. I mean, the fact that he just spent (or invested, if you prefer) around $1.5BN in Bitcoin should be a fairly solid indicator of that. Despite its growing popularity, it should still be noted that it’s still not widely accepted as a common currency. Well, at least not yet! – Following an official Twitter post by Elon Musk, however, it would appear that Tesla (at least in America) is embracing it even further by actually accepting it as payment for their cars!
Tesla is Accepting Bitcoin
While this is currently an option only available to consumers from within America, in a follow up post Elon Musk did confirm that Tesla planned to extend their payment optional globally before the end of the year. So, in a nutshell, something like a Tesla Model S can currently be purchased, in Bitcoin, for around 1.3BTC.
The biggest question though, is why are they doing this and, more so, if it’s a smart or stupid decision!
Tesla is using only internal & open source software & operates Bitcoin nodes directly.
— Elon Musk (@elonmusk) March 24, 2021
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
Great Success or Huge Backfire!
With the price of Bitcoin currently sitting at around $55,000-$60,000, one major question regarding it is whether this is the true value of the Cryptocurrency or whether it has the potential to rise even more. For example, if this did happen, then the coins Tesla accepts today could be worth twice as much in just a few months. There is, however, always the potential that the value could suddenly drop (or even nosedive) and, in which case, the consumer is the clear winner.
Overall though, I think this is probably an amazingly smart long-term decision by Tesla and, who knows, if the value keeps going up (which many expect it to do) then they’re hardly going to lose out here are they?…
What do you think? – Let us know in the comments!
