Why Elon Musk might be Considering Bitcoin (BTC) Soon
As the world of cryptocurrency continues to eulogize Bitcoin (BTC), the latest accolade from Elon Musk (founder of Tesla and Space x) seems to be disrupting the space as he might be considering Bitcoin soon.
Tesla’s CEO point of view that Bitcoin (BTC) is better of when compared to fiat dough has lately stimulated deliberations of whether Elon Musk interest in cryptocurrency could later drive Tesla into the blockchain industry to produce an asset.
Although Elon Musk subsequently made it clear that Tesla will not go into any kind of cryptocurrency business as it may not be considerable for a building technology company to enhance sustainable energy.
Despite the praises showered on Bitcoin, Musk clearly knows that the digital currency requires lots of energy when mining, thus discourages the idea of getting Tesla involved.
Tesla’s interest in digital transaction like Bitcoin (BTC)
Tesla’s decision to close all their 378 physical stores is one of the interesting steps suggesting that the mega motor company might start to accept payment in Bitcoin any time soon. According to Elon Musk, the decision is nothing but natural step, as solid statistics revealed that 78% of Model 3 orders were made online and 80% bought the car without test driving. Although this step is obviously risky but Musk is used to risk.
Considerably, it is clear that Tesla want all their transactions to be digital like Bitcoin. This means that anyone can order a Model 3 from the comfort of their homes without the need of visiting their store physically for usual verification. This is clearly a cost cutting step that is expected to further subsidize the cost of Model 3, increase sale and eventually boost company’s productivity in terms of revenue by at least 6%.
Loss of jobs will automatically be the side effect of this big decision, but the step is a stroke of brilliance and since Tesla’s modus operandi does not include third party intermediaries, it will be a natural step for Tesla motor company to allow criptos like Bitcoin as acceptable currency in their system of digital transaction. Since Bitcoin and Tesla work with a network devoid of intermediaries, so it is high time for age-old models to change to a global and inclusive system.
What Binance CEO, Changpeng Zhao (CZ) has to say
Binance CEO, Changpeng Zhao made it known in a reply to Musk’s tweet in Oct. 2018, that he will be the first to get involved by buying a Model 3 if Tesla accepts Cryptocurrency.
Lol, it’s spreading. I will buy a Tesla if you accept crypto… https://t.co/IgdieNZA0H
More prominent personalities are expected to follow at no distant time as it is something new. If famous American celebrities like Beyonce and Jay Z can accept payment in Bitcoin, then nothing stops Tesla (a mega and standout motor company) from accepting Bitcoin.
As the famous names and individuals join the trend of cryptocurrency, others will practically follow suit as we know that pioneers in any field benefit whenever they set the pace.