The Elon Musk, Tesla And Bitcoin Love Story

ByTroy Morris

Mar 25, 2021

The mainstream adoption of the most valuable cryptocurrency, Bitcoin, which had been very prevalent in the past few months, has continued to be high. The leading digital asset is the most preferred for many investors flocking into the space and is now part of mainstream services like payments and trading. Many retailers and a few government bodies have started to accept Bitcoin as payment, as its adoption continues to soar. However, Elon Musk Tesla’s involvement in Bitcoin, which had seen the company purchase the digital asset with $1.5 billion, had also seen them adopt the digital asset as a means of payment for their automobiles.

Tesla’s highest-valued car worth up to 3 Bitcoins

After the announcement that they have purchased Bitcoin earlier in January, Tesla announced that its customers in the United States can now pay for their automobile with the digital asset. However, the news has been met with a lot of excitement, as many in the Bitcoin community has hailed it as a positive step in the right direction to the mainstream adoption of Bitcoin. The news also means that many Bitcoin investors, who are presumably wealthy, are expected to start purchasing Tesla.

After the car giants’ announcement to accept the digital asset as payment, Elon Musk confirmed to his followers that the firm is building a Bitcoin node that will accept and store the cryptocurrency automatically into its reserves. The statement of Musk further echoes the deep affair between him, his company, and the digital asset. At the time of writing and considering bitcoin’s current price of $52,688, one would require about 1.2 to 3 BTC to purchase any of the technology’s company high profile self-driving automobiles. However, other lesser options wouldn’t require users to pay up to 1 BTC, as the car giants are known to make automobiles suitable for every pocket.

What next for the love trio?

Despite the purchase of $1.5 billion worth of Bitcoins earlier in the year and accepting Bitcoin as payment for thier cars, the love story between the trio is one that the public cannot predict its future yet. However, many analysts expect that the company will start accepting Bitcoin from potential customers outside the U.S. This is likely going to be the first step to advancing their exposure to the digital asset. Elon Musk confirmed that a Bitcoin node is already in place to accept the payments, as the payment will rather be stored instead of being converted to local currencies immediately after it is received. Alternatively, it will also be expected that the stored Bitcoins in the node will automatically be re-invested in the Bitcoin space, as their portfolio will receive a massive boost. However, many analysts are optimistic that the love story between the trio is still at the beginning and are optimistic that the future of all parties is going to bring more rewards to everyone involved.

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