TrueNorthBit Reports – Elon Musk’s Tesla has been missing Bitcoin?

Tesla Motors

London, England, 2nd Nov 2021, ZEXPRWIRE, Tesla Motors is a company that designs and manufactures electric cars, founded by Elon Musk on the 31st of July 2003. Their first car was a two-seater sports car called the Tesla Roadster. In 2012, this vehicle sold for over £90,000 in the UK as it had a unique design as well as being an extremely fast vehicle. They are made in the USA.

TrueNorthBit Broker David Sorkin said that Tesla Motors has acquired a different space in the market due to their overwhelming interest in digital tokens. The electric car company is owned by the world-famous inventor and entrepreneur, who is the CEO. Musk was born on the 28th of June 1971 in Pretoria, South Africa. He was brought up in a family of engineers, including his own father. Musk became successful by founding Zip2 Corporation; this business created websites for newspapers and was bought by Compaq computers in 1999. After selling this business, Musk later went on to create PayPal, a money transferring website. This business was bought by eBay for 1.5 Billion dollars in 2002! In the year 2016, it has been estimated that Elon’s net worth is an impressive £11.6 billion ($15bn).

Bitcoin and Tesla

Elon Musk has a special place in the world of Bitcoin and cryptocurrencies. He was one of the first to hear about Bitcoin and its potential, buying 5,000 Bitcoins in a single purchase back in 2010. Elon Musk has recently been expressing his enthusiasm for Bitcoin, but he is also interested in another cryptocurrency called Etherium. He believes that this altcoin is the future, not just of finance but also of computing. He has stated that he sees cryptocurrency as a ‘safer place for people’s money than banks’ and therefore they are extremely important. Musk has also spoken about how virtual currencies could be used in space travel by powering rockets through Bitcoin mining!

This innovative entrepreneur has started selling ‘unattractive, green’ solar roofs in the summer of 2017. He has stated that he believes this is ‘the solution’ to bringing renewable energy to people who don’t necessarily want solar panels on their roofs. Musk has said ‘I think there’s quite a radical difference between having solar panels on your roof that actually make your house look better’ compared with solar panels that ‘suck’. Musk has previously invested in a solar production facility called SolarCity.

Mr Musk’s Twitter is a great source of information and drives waves of speculation about bitcoin and cryptocurrencies. The Chairman and Product Architect of Tesla tweeted in January 2018 that ‘so many people are willing to sell their souls for bitcoins’. He has also tweeted that he believes that Bitcoin will be the world’s single currency in ten years, but Ethereum may overtake it before then! He has estimated there would only ever be 21 million Bitcoins available to mine.

Elon Musk continues believing in Bitcoin

Elon Musk’s thoughts on cryptocurrencies and his own personal investment have created a lot of interest and speculation about virtual currencies, particularly in terms of their use and production. His innovative ideas and changes to the automotive industry have been well documented and praised over the years, with Forbes stating he is ‘one of the most brilliant minds of our time’.

A few months back Tesla called off their offer to purchase cars in bitcoin, mainly due to the volatility of the virtual currency. Although Tesla has not yet fully committed to accepting bitcoin as payment, they are currently taking ‘test runs’ with a small number of customers. According to the third quarterly report it is seen and speculated that Tesla might start accepting bitcoin again because, for a period of 9 months before September 30th, the firm bought a total of US dollars 1.5 billion in bitcoin. The representatives have stated in the light of stats presented in the report that they might start transacting these digital tokens in exchange for our goods and services.

Mr Sorkin says that the value of Bitcoin and Ethereum is set to rise, according to a report by Forbes. He says that the virtual currencies may be experiencing some turbulence previously but this will not last forever and the values will decrease again.

Mr Sorkin is an experienced market analyst. He has stated that this will happen when the technology behind these virtual currencies becomes more stable and more widely accepted by investors and companies, such as Tesla. There are lots of rumours about Musk receiving payment for his Tesla cars in the form of Ethereum and it would be interesting to see if this happened.

Conclusion

Commentators and experts predict that Tesla, like other companies, will start accepting cryptocurrencies as a viable form of payment for the goods and services they offer. Although very few businesses have actually started accepting virtual currencies, their adoption can only be helpful to people who wish to invest or trade in such currencies.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

Source: TrueNorthBit