Tesla is a famous multinational company dealing with electric cars and other relevant products. Tesla Model S, a car made by the company, became a big hit as it was powered 100% by electricity and did not emit damaging pollution to the environment. Most people have never even heard about Bitcoin, but more and more people are starting to learn about it thanks to this company. You can click on the bitiq to learn more about bitcoin trading.
Bitcoin value is increasing day by day due to its limited emission model. On the other hand, Tesla cars have a limited number of products, reducing their sales numbers each year. To get rid of this problem, Tesla started accepting bitcoins as a payment option for their cars in 2013.
This is a true success story in the cryptocurrency world as many other companies have made this decision before, but they soon turned back on it because they failed in bitcoin promotion.
7 Ways how Tesla positively affected bitcoin
Tesla positively influences the bitcoin market as people sell their bitcoins and spend them on this company.
- Easy Access to Bitcoin
The idea of purchasing a car with bitcoins sounds like a dream. However, Tesla made this possible, and now you can easily buy a car in exchange for bitcoins as the value of bitcoin is increasing rapidly day by day. By doing so, they created an easy way for people to invest their money into the world’s most valuable cryptocurrency.
2. Bitcoin Promotion
Tesla is certainly doing their part in promoting bitcoins worldwide by accepting them as a payment option for its cars. In addition, they are willing to invest money into bitcoins, making them one of the top supporters of this currency, which positively affects its value.
3. Widespread Adoption of Bitcoin
The more companies start accepting bitcoins, the higher will be its value. As a result, more people will get their hands on this digital currency, making it more popular worldwide. For example, as Tesla started accepting bitcoins for their cars, it immediately affected the bitcoin world by increasing its value.
4. Increase in Bitcoin Value
As stated above, Tesla started accepting bitcoins as a payment option for their cars, increasing the demand for this digital currency. This led to an immediate increase in bitcoin value. As more people purchase Teslas with bitcoins, it will undoubtedly positively affect the cryptocurrency’s exchange rate.
5. Bitcoin Business Integration
Bitcoin lovers can purchase Tesla cars at a reasonable price, positively affecting the bitcoin world. In addition, bitcoin integration can benefit many companies in various industries, and it will only help the cryptocurrency grow even faster.
6. Teslas as Bitcoin ATMs
Many people have started using Teslas as Bitcoin ATMs by purchasing them with bitcoins.
7. Bitcoin Promotion
New companies are starting to accept bitcoins as a payment option which positively affects the cryptocurrency world by increasing its value and making it more popular globally. By purchasing Teslas with bitcoins, not only do you get a fantastic car, but you also support the bitcoin world.
3 Negatives effects on bitcoin due to Tesla
1. Lower demand for Bitcoins
As more people are looking into purchasing Tesla cars, the demand for bitcoins is not as high as before, which affects bitcoin value. While it increased slightly after Tesla started accepting bitcoins for their cars, it soon went back down to its original level.
2. Difficulty in selling them
Bitcoin owners have a tough time selling their cars if they want to switch to another vehicle. As there is not a lot of demand for Teslas in exchange for bitcoins, people who want to sell their cars and get back the money invested are struggling with this idea
3. Decrease in Bitcoin performance
By purchasing Tesla with bitcoins, you are not investing in them.
Conclusion:
In the end, it seems that Tesla positively affects bitcoin by increasing its value and promoting this digital currency. Moreover, as many people purchase the world’s most advanced electric vehicles in exchange for bitcoins, it will undoubtedly positively affect the cryptocurrency exchange rate.
On the other hand, Tesla’s purchase negatively affects bitcoins due to lower demand and difficulty selling them. So, bitcoin has both positive and negative effects due to Tesla.
