Tesla came with the big announcement today, one that many of us have already intuitively knew about it, that they confessed of having bought Bitcoin worth $1.5 billion in January this year. Looks like Elon Musk's tweets hinted at it the whole time and Michael Saylor co-founder of MicroStrategy has had an influence over the wealthiest man on the planet in putting some Tesla money into BTC.
Elon Musk is planning on collecting even more Bitcoin from retail investors hands and it's not by market buying it, but by offering the opportunity to purchase Teslas with Bitcoin payments that are gonna be available pretty soon. I guess all they need is do the paper work for this form of payment and soon you'll be able to trade Bitcoins for Teslas.
If you remember back in 2017 we had all sort of dealerships accepting BTC as payment for Lambos because it was the Lambo mania back then making rich kids live like there's no bear market at the next gas station. Well, now it's time for Teslas to be sold for BTC, and I sure know at least one person who would purchase a Tesla with BTC. Not gonna name him here though. I would still pay for a Tesla in cash instead of BTC though if I were to buy one.
I know, the hype around this will be huge and many celebrities will probably make the trade, crypto twitter as well, and that's gonna be massive for crypto adoption. Lets not forget, Tesla is one of the best performing companies in the world and Elon Musk is the richest man alive. Getting richer and richer by the year.
Handing BTC over to Tesla for a Tesla wouldn't be a good idea imo, as the price of BTC might skyrocket way higher from where one would trade it for a Tesla and before you know it one BTC is worth to EVs not one. I got the feeling that pretty soon we will have a one BTC worth Model S and that should be around $100,000 with all the goodies.
I don't own BTC and can't afford a Tesla yet, but if I would buy one I would do that with cash. I still feel like cryptos are not worth spending more than for covering everyday needs as I started doing for a while with my Binance card. I'm curious though, would you buy a Tesla with BTC if having the chance?
As a bonus discussion topic I'd also like to read from you what's the next big company company that you believe will accept Bitcoin payments for their services and products?
Thanks for attention,
Adrian
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No I wouldn't just because I wouldn't buy a Tesla. They are still young with a lot of problems and one thing I don't want is a car with problems. And then there's Elon who's done some shady shit and I don't wanna support that type of behavior.
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I see...
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Elon is a very business savvy man. He knows that Bitcoin has huge potential. Paying for Tesla with Bitcoin is like paying $50k for a piece of candy. The future value of the asset(Bitcoin) means that you're actually being swindled.
However, this move will also fuel the FOMO and push investors to dip into the pool even more.
It seems the bull run is just getting started.
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Double win here. Collect cheap BTC from Tesla fanboys and pump the price on a personal asset holding. Elon's smart...
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A while ago I posted a similar article, lol
https://leofinance.io/@cryptovios/do-not-fall-into-elon-s-trap
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It might not be a trap. It depends a lot on who is buying Tesla with BTC.
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Hmm, that's bait. Give me your digital gold and I'll give you a cool product. But in the end, I'll hold the digital gold when it moons, you'll still hold the same product, which in time needs maintenance and drops in value as more are produced and newer models come out.
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Same reason I wouldn't buy a Tesla with BTC, but for the ones hodling tens of them or hundreds it would probably make sense.
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And so it begins the massive transition of bitcoin from retail's pockets to corporations.
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It has already begun with the Grayscale and Microstrategy. We're excited about the price though and forget the fundamentals and for what it has been created while handing it over to financial institutions. Many have sold at $20,000 imo waiting to buy back at $14,000-$16,000
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It's actually different, I believe. Because I'm not sure buying stuff with bitcoin at corporations that will just store it, will drive the price up. Unless we consider that brings more confidence, so more adoption.
That must've hurt.
Like you, I don't own bitcoin (I don't think I want to because it as time mainstream now) but hey a Tesla, I don't mind one of those. I envision a world where we use crypto for everything. And I think we've made one giant leap towards that future. Elon influence is good for the crypto industry and timely too. 2021 will be a great year for crypto (it has already started)
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I hope crypto adoption will spread at the speed of light. I already appreciate a lot spending BUSD with my Binance card.
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If I could earn enough bitcoins to buy tesla with bitcoins, I would definitely like to buy
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Good luck!
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Totally agreed, I would rather give him shitty fiat money for his cars. He is a smart dude, but I'm not a dumb one.
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True.
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I agree with you. At this point I'm not buying anything with BTC that would depreciate in value within a short timeframe. Cars are among the worst stores of value of anything one can purchase, so you're right, buying with CASH or financing through lease just to have more money to buy BTC with XD
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I would lend my BTC, borrow USD, top up the cash I have and buy Tesla. I would enjoy my Tesla, I so want it, and not sell BTC. HODL :P
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So you wouldn't buy it with BTC? :)
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I would buy it with BTC but without spending it :D
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No you're not. You're not tricking Elon here :)
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Okay fine. I would not spend my BTC.
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Correct answer... Same here, if I owned any of course, but at this point it would be a bad trade to buy anything with BTC. Even a coffee.
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Bitcoin might suck for small purchases because of the transaction fee but it actually makes sense for large purchases like cars and houses. Digital gold (bitcoin) is also useful as digital cash depending on the size of the purchase. The only bottle neck is government bureacracy and red tape.
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My guess is one of the other car makers.
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Any tech company as well?
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None that I can think of. The days of Bitcoin being used to buy pizzas or other small purchases are over I think.
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I guess for this sector it becomes a form of payment after all.
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Buena pregunta, a priori parece evidente que sería una especie de carnada para atrapar incautos eso de comprar un Tesla con BTC, pero desde mi punto de vista,si lo adquieres en dinero fiduciario (dólares, euros, libras) ese carro eléctrico valdrá cada vez más desde el punto de la valoración en criptodivisa si en un par de años deseas revenderlo en BTC.
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Good question, a priori it seems obvious that it would be a kind of bait to catch unwary that of buying a Tesla with BTC, but from my point of view,if you buy it in fiat money (dollars, euros, pounds) that electric car will be worth more and more from the point of valuation in cryptocurrency if in a couple of years you want to resell it in BTC.
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Hell nah, maybe because I just don't want a tesla lol but also the value of bitcoin is most likely to continue to go up ;)
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Pretty much like everyone in here thinks.
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Muskrat is far from the richest man on the planet, he is loose change in rotchilds pocket!
At least the official version of the richest man in the world. I guess nobody knows exactly who the richest ones are... Who owns the federal reserve of the US for example?
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That would be jacob rotchild too!
In not time more and more companies will accept crypto. The revolution is hitting every nook and cranny of the world and changing the system of payment. I am more than happy to see that someone can buy a Tesla car with Bitcoin, it's good.
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You're actually the first one to anwer my post that's happy about that. Good. We have people on both sides.
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I wouldn't and probably I wouldn't buy any car with crypto or FIAT directly. A car needs to make money or be written down from taxes that I would else pay. Don't get me wrong, we have cars that we use, but we don't own them. I would not get a Tesla at the moment due to the range. For work I drive 600-1000 km in a couple of hours and a car that needs to charge for an hour every 500km is not usable. also,as I park in underground parking a lot, most of the electric cars are not allowed to enter them due to fire safety reasons. Of course as technology advances it will grow and they will be good for long drives.
Musk is a smart man, pumped up two things today, BTC where he holds a massive holding and his car company.
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I wouldn't, but just because I see cars as a service, not an asset, or something I wish to possess. To me, they are purely a means of transportation but I totally get people who would buy one and I think it would be great if they could.
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I get you. Pretty much the same in my case.
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I would borrow against a BTC liquidity pool (with RUNE) and use the fees and block rewards to repay the loan.
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Not paying with actual BTC though...
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No, but I'd sell one for BTC.
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Cool post, tweeted!
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Thank you very much.
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watch out with the trap
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I'm seeing this post a bit late I think, but I share your opinion and obviously not, I know how much the value of BTC could have by passing the day and exchanging it for a Tesla is not a logical way to buy, or to invest, but yes for luxury was; Obviously I think they would, but I wasn't even out of luxury.
I wouldn't. We still use fiat money to value BTC, which means it can go up and down. A car only drops its value once it is out of the parking lot.
Unless BTC is the official global currency. I wouldn't use it to purchase Tesla.
Now the next question, as of now would you use BTC to buy Tesla stock?
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