Musk Welcomes Bitcoin as a Payment for Tesla

March 24, 2021 | Elon Musk announced that Tesla is now accepting Bitcoin as payment for electric cars

It is really happening!

There will always be a new way to ramp Tesla, says CEO & “Technoking” Elon Musk on March 24, 2021. Tesla is now accepting bitcoin as a payment for the electric vehicle after the U.S. Securities and Exchange Commission (SEC) filing in February. He unveiled the big announcement by a series of tweets on his social media account and soon caught the attention of the supporters. However, it is still available in the United States, whereas third countries would follow in the latter part of the year.

According to one of his tweets, Tesla will hold the digital currency instead of converting the payment into a fiat or the money released and controlled by the Government. Any transaction related to Bitcoin would only be processed via its own internal Bitcoin nodes using an open-source software.

Choosing to stick to its real value and purpose is actually a great idea. This could be an investment tool and not just being utilized as a transactional medium. Even the crypto asset analyst, Simon Peters of eToro, agreed with the automotive company’s decision.

“Tesla’s decision to both accept payment for its cars in bitcoin and hold that bitcoin on its balance sheet rather than convert it to dollars will likely build more momentum for the crypto asset,” he added.

These well-known figures are proving that cryptocurrency could be accepted by society in the future. They will have the same value as any other government-issued currency. The mainstream adoption of these cryptos will soon increase. In terms of market dynamics, as more companies hold bitcoin on their balance sheet, so the finite supply depleted even more. This will boost both the value of the currency and the price of the product produced by the company.

This is how it looks like with the new feature added by Tesla. The company has now added Bitcoin as a payment option to its US website. Order fees are also accepted, however, are not refundable.

This is just the beginning for a greater and more dominant cryptocurrency.