This doesn't bring new money into Bitcoin. It takes existing value and transfers it to someone else. A consumer will not purchase Bitcoin, then purchase a Tesla. The consumer will simply use what was needed to purchase the Bitcoin, and use that to purchase the Tesla. Much easier.
Still, Elon is wise to accept Bitcoin in this fashion. He's simply tapping into a market. No different than shipping goods to another country and accepting their currency.
It is different. Imagine paying for foods with cryptocurrencies, for example with Hive. This will probably be real one day.
Nowadays everyone can earn cryptocurrencies with their hobbies and passions.
Let's say I'm Asus, the technology brand. I analyze markets. Let's say Hive has hundreds of thousands of accounts with substantial value. The laptops I sell are marked up 30% on average and sometimes higher. I target the Hive market, offering to accept HIVE. I throw in a 5% discount as an incentive. If you purchase my laptops with HIVE instead of cash, you save 5%. Finally! People on HIVE can get flashy new devices with the push of a button!
All that HIVE goes into my ASUS account. I'm basically buying HIVE at a discount since my product sells at a higher value than it costs to make, all while gaining influence over the HIVE chain itself, or I'll sell it. So instead of a 30% markup, I could get.. more. Way more. Can't sell it all as a lump sum though. Other consumers would be loading up wallets (remember, they're getting a "discount"), so they pump the value of the token. Keep in mind, all HIVE that was earned did nothing to pump the value and will not contribute to pushing the value down until there's a reason to get rid of it. I'm that reason (Asus).
I believe it does, but I am not foolish in thinking people will run out to buy Bitcoin to buy a Tesla. But what if Apple follows suit? What about Google? What about any other rich person with just a 7-8 digit bank account? This is a revolution, this is change. So, while I don't think average Joe is going to buy Bitcoin to buy a Tesla, maybe someone else may start using Bitcoin or better yet buy a shit ton for their balance sheet.
I disagree, no one has trust issues with another countries currency (well maybe some), but many do with Bitcoin. This makes people comfortable. It makes people think, should I do the same?
Posted Using LeoFinance Beta
Always plenty of ifs, ands, and buts. 100% with you when it comes to improving the image of crypto. 100% agree the 'monkey see, monkey do' effect will come into play. If Elon jumps in the water and doesn't break his neck, everyone else found a new cliff jumping location. If the water's warm, even better.
He also said he's not planning to sell the Bitcoin accumulated from Tesla purchases, correct? This is the funny part about geniuses. He did not say he won't sell the Bitcoin he bought before.
evil laughLOL!He said he won't convert it to Fiat. Which I wouldn't say is a contract he will never sell it, just he won't systematically sell it as he gets it. But I suspect he is accumulating for the revolution.
Posted Using LeoFinance Beta
I'm 100% sure he'll act in a way that doesn't make it so he screws himself.