Tesla Accepts Bitcoin As Payment
Summary
Tesla, Inc. Adds Bitcoin as a Form of Payment
Tesla is Accumulating Bitcoin Without Plans to Sell Anytime Soon
Bullish Signal on Bitcoin Price as Less Bitcoin Will Be in Circulation on the Open Market Over Time
Background
Bitcoiner,
On March 24th, 2021, Tesla, an American electric vehicle and clean energy company, added Bitcoin as a form of payment for any custom new car order on their website.
Elon Musk, CEO of Tesla, also announced that payment with Bitcoin for their electric cars will be available later this year.
With a market capitalization of $600 billion today, Tesla is one of the most valuable company’s in the United States.
Quick Story
Tesla has been on my personal radar for about a decade now. Before I even knew what stocks were, I was curious about Tesla the technology company. At the time I was a freshman in high school. I loved the idea of electric vehicles competing with gas powered cars.
Tesla was the first stock I researched as a possible investment. Being so young at the time, I never pulled the trigger and bought any shares in the company. There was no company like Robinhood back then to easily invest in stocks. Back in 2014, Tesla was trading for $30/share. I regret not buying back then! Oh well, now I have Bitcoin to invest in.
Why is this Important?
Having one of the largest US company’s accept Bitcoin as a form of payment is important because Tesla does not plan to sell any of the Bitcoin they accumulate through sales. Every Bitcoin that Tesla accumulates lessens the amount of total Bitcoin in circulation, which further reduces the overall supply of Bitcoin on the open market.
Think about that for a second, Tesla plans to hoard as much Bitcoin as possible because they see it being a great store of value. Earlier in February 2021, Tesla bought $1.5 billion worth of Bitcoin. I wonder which company will follow next in Tesla’s steps.
Did you get a chance to buy Bitcoin today? Bitcoin is at a nice discount price around $52,000 USD/BTC today!
Happy Thursday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz