Elon Musk’s : SpaceX and Tesla adopting Bitcoin in 2021? Reality check by Prof. Naveen Kandwal

Elon Musk Tesla using bitcoin in 2021
Elon Musk Tesla using bitcoin | Blockchainblogging.com

March 24, 2021, the day when bitcoin was bleeding in the crypto space with a value of nearly $52,000. Elon Musk has shocked everyone by announcing through his Twitter handle that “You can now buy a Tesla with Bitcoin“.

Updating Twitter bio with #bitcoin was an indication about SpaceX and Tesla adopting bitcoin. On January 29,2021 SpaceX owner and Tesla CEO Elon Musk (World’s Richest Man) with the following of 44.3 M on Twitter has updated his Twitter account Bio with “#bitcoin”. Is this an indication that he is going to adopt Blockchain in Finance. Let’s see a few events where he has tweeted about Blockchain, specifically on Bitcoin in the past. 

SpaceX and Tesla adopting Bitcoin: Feb 2021

Tesla accepting bitcoin, tesla invested in bitcoin, blockchainblogging.com
Elon Musk's : SpaceX and Tesla adopting Bitcoin in 2021? Reality check by Prof. Naveen Kandwal 4

Tesla has finally revealed to SEC regarding their purchase of bitcoins worth $ 1.5 billions. On February 08,2021 Tesla has revealed about it in a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.”

SpaceX and Tesla adopting Bitcoin: May 2020

On May,2020 when Musk stepped in after Rowling, the author of the Harry Potter series of novels recently put up a request on Twitter saying: “I don’t understand bitcoin. Please explain it to me.”

Then the CEO of Tesla and SpaceX joined in the conversation and essentially agreed with Rowling that it was difficult to understand. He also took a dig at the behavior of banks.

“Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison,” he wrote on Twitter.

SpaceX and Tesla adopting Bitcoin: December 2020

After sparking speculation his electric car company Tesla could add bitcoin to its balance sheet, Elon Musk, who’s also the chief executive of aerospace company SpaceX, has said a future Mars economy could be based on cryptocurrency, such as bitcoin.

Musk, commenting on a tweet made by influential artificial intelligence researcher and podcaster Lex Fridman last week, agreed that a “Mars economy will run on crypto”—without specifying whether it could be bitcoin or another smaller cryptocurrency.

SpaceX and Tesla adopting Bitcoin: 29 January 2021

Earlier on 29 January, Musk tweeted that “‘in retrospect, it was inevitable”. Bitcoin prices came close to $38,000 in less than an hour after the Tesla chief’s update, rising from around $32,400.

The move is the latest example of how the collision of financial markets and social media can trigger dramatic pricing changes and even volatility.

Finally, Tesla adopting Bitcoin: 24 March 2021

Finally, the day (March 24, 2021) has arrived for Tesla which everyone was waiting eagerly to accomplish in 2021, Elon Musk has announced through his Twitter handle that “You can now buy a Tesla with Bitcoin”.

Believe it now!!

The experts were already assuming it to happen soon, but this news comes at a time when bitcoin is bleeding (near to $52,000) has mixed reactions from the people. Few considered it a move to acquire bitcoin in place of Tesla which will make only a few to sustain bitcoin in the future. While others are considering it an opportunity that has opened the gates to make bitcoin more regulated in the market.

Nothing can be predicted in a short time about his intuitions right now instead the better picture is that bitcoin is getting the recognition it always needed and the domination of bitcoin is going to get strong.

Here’s the tweet by Elon Musk.

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