People have just imagined the digital currency, but as time passing through the imagination turning into reality.
Since Elon Musk got involved in the Bitcoin chain, it had changed the dynamic of the business and investors. Bitcoin prices raised the moment, Tesla bought bitcoins and eventually fall as well.
But Elon kept supporting Bitcoin and his tweets didn’t stop which helped other investors to invest in Bitcoin as well. With his last tweet, the Bitcoin price raised higher than expected.
Now people can buy Tesla ready to accept Bitcoin as the payment for their cars as Elon Musk the CEO announced on Twitter a few hours ago.
From Card to Crypto
It’s not just the words by the CEO, it’s legit people can find the cryptocurrency method on the official company’s US-based website along with the usual card payment as well.
Elon Musk also cleared, that currently cryptocurrency method available only for US citizens, later this year it will be officially accessible for other countries as well.
Elon Musk on Tesla Accepting Bitcoin
Not only that, but Elon Musk also shared some of the important details about how Tesla handling cryptocurrency. “Tesla is using only internal & open source software & operates Bitcoin nodes directly,”
How Things Will Work?
The Tesla team worked on each area of the cryptocurrency method and guided the customer about every inch of it.
On their FAQ site, they had laid out the usage of Bitcoin as the payment while buying a car.
Tesla will not accept any other cryptocurrency as the method of payment, the transaction won’t pass through and it will cost you of losing funds.
Tesla’s terms and conditions regarding paying method clearly say in all caps, that the customer needs to be very cautious and careful while entering the Bitcoin address and amount to be paid.
Customer might lose the Bitcoin, if the details entered incorrectly.
Such information needs to be taken seriously while playing Bitcoin as your payment method.
Although Tesla already warned the customers about the Bitcoin payment method in their annual 10-k report.
People know that Tesla costs much higher than any other car, it cost you between $37,990 and $124,000.
Daniel Ives the analyst and researcher of the Wedbush gave his remarks on Musk’s move,
“This is a seminal moment for Tesla and the crypto world with Musk now cutting the red ribbon on Bitcoin transactions within the broader Tesla ecosystem,
“We expect less than 5% of transactions to be through bitcoin over the next 12 to 18 months however this could move higher over time as crypto acceptance starts to ramp over the coming years, Daniel said.”
Everyone is aware of Elon Musk’s tweet raining, which create chaos in the business market but this time it made everything Crypto.
It’s the smart move, because looking at the scenaior It would benefit Tesla for sure in every form.
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