Tesla is planning to accept cryptocurrency payments for its vehicles
Bitcoin, a digital currency, is talked about all over the world these days. Every other day, news of increase or decrease in the price of bitcoin keeps coming and it is mentioned on social media. But now Tesla, a leading US carmaker, is also offering a facility for bitcoin investors.
Tesla, an American electric car maker, has announced that it plans to collect the price of its vehicles through bitcoin. Tesla has also invested about ً 1.5 billion in bitcoin.
The price of bitcoin has risen sharply since Tesla's announcement. According to the digital currency exchange 'Coin Base', the price of bitcoin has risen 15.4% to close to $44,500. Elon Musk, chief executive officer of the American carmaker, says that based on this new strategy. the documents have also been submitted to the US Securities and Exchange Commission. He said that it could increase his investment in digital currency and other assets.
It should be noted that although the bitcoin is a large digital currency, its use in purchasing goods is not so common. But people are using bitcoins as an alternative to investing or keeping their money safe or as people hoard gold.
There are also concerns about the bitcoin being used by money launderers and criminals because it is outside the scope of the banking system.
In that sense, Tesla's announcement is seen as promising news for the future of the bitcoin. But it is not yet clear if other companies will use bitcoins to send money.
Despite Tesla's announcement, some experts do not see bitcoin being used for future purchases. Jessica Caldwell, of Edmunds, a website that publishes car details in the United States, said that she believes that the policy of using bitcoins to buy cars will not be very successful.
According to her, most people take loans to buy cars or lease cars from banks and do not buy in cash. She added that people are also afraid to pay such a large amount in cryptocurrency and do not want to take any risk.
However, some other experts believe that it is only a matter of time. Over time, bitcoins will become more common in everyday shopping.
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References:
1- https://www.coindesk.com/tesla-invests-1-5b-in-bitcoin-plans-to-accept-crypto-payments
this may be a commercial strategy to take advantage of BTC advertising and thus boost the sale of their cars, or on the other hand it may be a mechanism to collect capital that will then be sold in the coin market generating profits at the expense of The loss of millions of small investors, it is very common for people to forget that these companies seek a profit and this is above any noble cause.
Hi @munawar1235
Truly that news skyrocketed the price of BTC, it's impressive how much the price of a crypto can be affected by one piece of news.
In this case it was to raise the price, but a bad news can make it equally plummet.
That particularly makes me think, but for now, I have a feeling good things are on the way.
This is just a distraction created by tesla , as their are some problems related to Tesla in china regarding its security and standard vehicle safety.