Two days ago Jerome Powel, the FED Chairman of the United States of America claimed in an interview that Bitcoin/crypto is not much in use as a form of payment and that it's not much of a threat to the dollar, but to gold, as he mostly sees BTC as a store of value.
That's not quite a bearish statement for the crypto industry, but neither too bullish. Elon Musk however seems to have a wider vision and understanding towards crypto and just updated the purchasing page for Tesla where US residents have now the option of buying an EV from Tesla with Bitcoin.
What do you say now, Powel?...
Bitcoin is now right under the order with card paying option on the official Tesla website thus making Bitcoin a currency. Looks like you were wrong misted FED chairman and... in hindsight, it was inevitable.
Elon Musk is a hodler not a trader and thus every sat collected by selling EVs for Bitcoin is going to be stacked not instantly converted into fiat as some other crypto payment cards and companies are operating.
For the moment the pay with Bitcoin for Tesla option is only available in the US but Elon promises to make that available outside the country as well. Tesla is renowned and loved world wide and there are crypto millionaires outside America as well, hence I bet a few Europeans will spend sats for EVs once being able to do so.
I remember that I had a post a few months ago about spending crypto profits during this bull market for all sort of stuff and the discussion drifted towards Lambos as well, and @onealfa commented that he doesn't feel inclined towards Lambos but he'd buy an EV this bull season.
Well, sooner than later you'll probably have the chance to buy yourself a Tesla with Bitcoin, @onealfa, if you feel like. Maybe you're more inclined towards Rivian, who knows, but at least there will be the option available regarding exchanging sats for Teslas. I don't know how many will feel inclined towards spending Bitcoin on automobiles, but at least we have the option.
The way I see it this new payment feature of Tesla is creating a precedent. One that will be embraced by many other companies, not just luxury sport cars dealerships and luxury EVs. I doubt many will spend satoshis on mundane stuff but for larger purchases and transactions Bitcoin will become the currency of the world.
What's also worth noticeable at such trends, trusted funds purchases included here, is that quite many acquiring Bitcoin lately are not planning to sell. Exchanges are getting drained out of liquidity, Tesla sells their cars for BTC in the US now, but doesn't instantly convert it to fiat and the trend is definitely HODL...
What are they up to, what do they know and we don't?
That we're about to find out in the following months/years, but my gut feeling tells me this bull market will be slightly different than the previous ones and the following bear market will not be that doom and gloom anymore. The space is expanding at fantastic speed and developments taking place won't probably allow for a too harsh future bear market.
What do you guys feel about this news coming from Elon Musk and would you spend Bitcoin for an EV?
Thanks for attention,
Adrian
