Buy a Tesla with Bitcoin? Elon Musk Does IT Again, Pay In Bitcoins Own A Tesla!
This is huge! Elon Musk has responded in style to critics who were doubting his newfound love for altcoins. In a tweet, the Tesla CEO has confirmed that now they would be accepting Bitcoins. This means you have to use no fiat or centralised currency to own a Tesla product. Adding to the announcement Mr. Musk also said that the company will not trade or exchange Bitcoins for fiat currencies but would rather have it deposited in their Bitcoin reserve.
In their latest filing with the SEC, Tesla had revealed that it had an aggregate $1.5 billion in bitcoin and also confirmed that it could “acquire and hold digital assets from time to time or long-term”. Along with other top corporate leaders, Elon Musk’s open endorsement of digital currencies triggered a bull run.
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Could This Be The Magna Carta Of Crypto Mainstreaming?
Just a few years ago, or even a few months ago, who would have believed if you said that you can walk into a showroom and walk away with a brand new car by making payments in cryptocurrency? Now it’s soon going to be a reality. Yes! Tesla is selling cars against Bitcoins and I strongly believe that it is a major step towards mainstreaming of cryptocurrencies.
Also, what’s more important is Musk emphasizing that the Bitcoins owned by Tesla will not be converted to fiat currencies which is a clear indicator of how strongly the company and Mr. Musk himself believes in the power and potential of the leading decentralized currency.
Currently, one would be able to buy a Tesla with Bitcoins only in the US; however, it would soon be extended to other markets as well.
Market Response
Bitcoin which touched the iconic $60,000 mark earlier this month is rallying towards $60,000 now. Following the series of tweets from Elon Musk, the prices have shown an upward trend. It is likely that it continues as cryptocurrency experts from across the globe are welcoming this rather revolutionary decision.
What’s Next?
You can strike buying a car with Bitcoins from your checklist. And expect much more to come soon. People are already asking Elon Musk to talk more about dogecoins and whether they would be able to buy Tesla Cars with Dogecoins. Given the market leader Musk is, there is not an iota of doubt that soon other companies will follow suit. However, it would be interesting to see how the government and SEC officials respond to Tesla’s decision. But for now, decentralized currencies are the new favorites.
