Tesla's Acceptance of Bitcoin Will Increase Bitcoin's Mainstream Adoption Agenda

Its CEO is a very popular individual in and out of the crypto world. In fact, Musk briefly became the world’s richest man earlier this year.

With all of that in mind, I think that Tesla’s acceptance of Bitcoin could have a very positive impact on the adoption of the coin. First of all, it is a reputable company that opened its doors to BTC payments, and it even invested on its own, and no small amount, at that. This could inspire other car firms to follow, if for no other reason than to match Tesla’s offer and remain relevant.

Tesla and Musk fans are likely to also start considering using cryptocurrencies, and since they can now buy Tesla cars with them — the chances are that they will have to collect massive amounts of crypto in order to buy the vehicles.

All of this gives Bitcoin another massive use case, it further legitimizes it in the eyes of those who like and respect the company, and it might even push other carmakers to start accepting crypto payments, thus also inspiring their users to start considering using digital currencies for payments. All in all, Elon Musk’s interest in crypto has gone far from simply dropping vague tweets, and it could stand to have a massive impact on the future of the entire crypto industry.

Would you use cryptocurrencies to buy a car?

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