Elon Musk announces people can now buy Teslas with Bitcoin, which opens up some interesting possibilities...
Elon Musk to the rescue!
Bitcoin stopped going down for a brief moment today when Elon Musk tweeted that Tesla would now officially start accepting bitcoin for vehicles.
What's even better about that news is that Elon said they would not be converting that bitcoin to cash...
(Source: https://twitter.com/elonmusk?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor)
Say what?!
Yep, if people start buying Tesla's with bitcoin their bitcoin stock pile is only going to grow.
Now that's interesting!
However, I can't help but wonder how this is going to impact KYC/AML etc.
If someone is paid for example in bitcoin or acquires it some other way that doesn't require them to KYC at a centralized exchange.... how is Tesla going to know where that money came from and whether its been taxed etc?
While it remains to be seen exactly how this will play out going forward, it's nice to see billionaires pushing forward with bitcoin and crypto adoption while the rest of the world seems to be hoping it fails.
We need more of them to keep stepping up!
We are going to see more of these popping up.
Still curious to see the tax implications for this...
Wondering why would anybody want to buy Tesla with Bitcoin? Buying something of unlimited supply with something of limited supply?
Trading bitcoin for USD is understandable, you would probably buy it back, but trading bitcoin for a tesla is in no way a wise move!
And how will Tesla report it? A property (bitcoin) for a property (tesla)? or would it be two transactions for tesla? BTC to USD sale, and USD to TESLA sale?
Someone bought pizza with Bitcoin. Always remember that. It kind of makes me think that Musk thinks the price of Bitcoin will rise and he will contribute his profits to SpaceX.
Yep, pretty interesting that they plan on hodling the bitcoin instead of converting it to cash.
Only Elon Musk could come up to an idea to buy Bitcoin with electric cars. We saw people buying BTC with fiat currencies, alts or mining it. Building a car producing company to buy BTC with produced cars... This kid is going places...
Anyway its good for people who trade bitcoin. But the thing is that someday US govt will introduce some norm on this. We'll see