Last month the auto industry laughed at Elon Musk for allowing Tesla to purchase $1.5 billion in Bitcoin. Many have speculated that this one move did more to legitimize the currency than any other event, and the value speaks for itself. With the markets in turmoil and oil on the rise, crypto seems to have been a great investment. That’s because he most recent tweet makes it easier to get in a new car.
This was followed by him explaining that Tesla doesn’t need to convert your coins to cash, as their internal software is open-source and it operates Bitcoin nodes directly. Thanks to the visibility of blockchain transactions, Tesla can hang on to these coins until the perfect time to cash out. Who knows, perhaps this is a highpoint for the currency, in which case it would make sense to jump in an electric car before you are left holding the bag. Tell us your thoughts on Tesla in the comments below.
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