Elon Musk has just taken to Twitter to reveal that Tesla vehicles can now be purchased using a very unconventional method. Rather than using typical forms of payment such as bank and credit card transactions, Elon Musk has just announced that Tesla has advanced to accepting payment in the form of Bitcoin. This shocking news came without warning, and the Tesla founder seemed enthusiastic about sharing this exciting news with consumers around the world. Market Watch declares that Bitcoin prices were just given a huge boost, and investors are eager to see how the market responds to this news. There's just one thing Musk seems to have overlooked... the world of cryptocurrency continues to be a very controversial one, and some consumers seem to be far less enthusiastic about it than he is.
Elon Musk has just given a massive boost to those that have stakes in Bitcoin, as his announcement of vehicular ownership through Bitcoin carries mass appeal and urges the ongoing investment in Bitcoin stocks and currency.
By introducing the automotive world to an entirely new mode of payment, Musk opens up a larger market and increased options for Bitcoin interactions to function with greater ease.
Market Watch went on to report that; "In February, Tesla said it had acquired $1.5 billion worth of bitcoin and that it expected to accept the cryptocurrency as a form of payment in the near future, in a 10-k filing with the U.S. markets regulator. The move to now accept bitcoin payment and not convert it into fiat currency will ensure Tesla’s holding of the cryptocurrency increases."
If you think this translates to Musk making even more money with one swift swoop, you're absolutely right. This is a wildly lucrative move for him on many levels.
Elon Musk is certainly happy, as are those with shares in Bitcoin. The potential for future earnings is limitless.
However, there are some consumers that are deeply troubled by this announcement and aren't afraid to declare their dissatisfaction.
Many don't trust cryptocurrencies, and for that reason alone, many people that would have otherwise purchased a Tesla will now be reluctant to do so. Some responded to Musk's tweet to notify him that they see the double-edged business move he just made for his own benefit and they are less trusting of him.
Others have responded by reminding Musk that they thought Tesla's plight was to transition the world to sustainable energy, in which case, cryptocurrency would move in the opposite direction.
Sources: Market Watch, Twitter