Bitcoin is already available as a payment method in the United States, then this year in other countries. Tesla guards its BTC and runs nodes on the Bitcoin network, according to Musk.
Tesla does not limit itself to bitcoin (BTC), now is betting squarely on cryptocurrency as a means of payment and store of value. Elon Musk, CEO of the electric vehicle company, announced: “you can now buy a Tesla with Bitcoin,” adding that the payments received by the company in BTC will remain under protection with this currency.
Through his Twitter account, the current most prosperous businessman in the world explained that Bitcoin payments are already active in the United States and will be active outside that country this year.
Under the Current Price of Just Over $ 55,000 per Bitcoin, a Tesla X Would Range between 1.4 and 1.8 BTC, Depending on the car’s Features
Musk also said that every “bitcoin paid to Tesla would remain to be bitcoin, it will not face any conversion to fiat currency.” This statement means that the money will not suffer a conversion to dollars or euros. In the recently enabled Bitcoin section on its website, the company clarifies that it does not accept other cryptocurrencies.
Musk explained that the company uses its open-source software to grant safety its funds in BTC instead of intermediaries such as exchanges or custody services. With this, they appeal to respect the maxim among bitcoin users: They are not your keys. They are not your bitcoins.
Tesla is also operating its own Bitcoin network nodes, Musk added on the social network. With these statements, the executive signals a broad interest, on his part and the company he leads, towards Bitcoin as a technology.
Last February, Tesla invested about 1.5 billion dollars in the leading cryptocurrency on the market, in addition to anticipating that the company would receive bitcoin as a means of payment for their items.
The investment happened in January. The company acquired around 48,000 BTC for its reserves, according to records from Bitcoin Treasuries. Tesla’s bitcoins increased its appreciations by more than $ 1 billion and are currently worth $ 2.58 billion.
This way intended to relocate excess money into the company into an asset that could function as a value store. A bet that many companies have been making in recent months.
Bitcoin and it is Worth as a Value Store
Musk is always into the crypto environment. The businessman has often dedicated himself to pushing another cryptocurrency’s popularity, DOGE, and sending its price unexpectedly to new all-time highs.
The company that Musk runs perfectly knows the advantages of investing in other digital assets in addition to bitcoin. However, so far, they have not taken new steps in that direction, and their investment portfolio only limits the first cryptocurrency on the market.
Tesla has also joined the wave of institutional investors who see Satoshi Nakamoto’s creation as a functional tool as a store of value. With MicroStrategy and its nearly 100,000 BTC was leading the way, many attribute bitcoin’s current bulls run to the injection of capital from large companies.
Bitcoin has doubled in price, at times reaching USD 60,000. Currently, cryptocurrency ranks as the eighth-most valuable asset in the world, according to CompaniesMarketCap, staying above a trillion dollars of market capitalization.
By: Jenson Nuñez
