The world’s richest man Elon musk who owns tesla not only bought $1.5 billion worth of bitcoin to help modify its return but will start taking payments using cryptocurrency in the near future.
It’s the first prominent carmaker to take payments in digital assets. It’s was not stated if the company will be accepting digital payment in all of its products.
The company was quick to issue warning to its investors that cryptocurrencies like bitcoin are very likely to be inconsistent, with immediate price change and speculative exposure to regulatory changes, vicious attacks, and technological obsolescence that doesn’t exist with physical formats. Musk was conscious of his own impact on bitcoin, an indication in a clubhouse chat that he could move the market if he wasn’t careful.
Tesla’s move just did that, prompting a bitcoin price spurt to over $44,000 as of this writing.
There’s is a well-stated advantage of adopting bitcoin, tesla can court newly minted cryptocurrency millionaires willing to spend their fortunes on new models.