Why Tesla Accepting Bitcoin (BTC) and Crypto Would Be Ideal for Both Industries
The Lamborghini has been the dream car for many crypto enthusiasts and traders ever since Bitcoin (BTC) and cryptocurrencies were popularized by mainstream media mid last year. Back then, and till around March this year, the words on every crypto trader were When Lambo? This phrase was used to indicate the need for a cryptocurrency to make massive gains so that the owner of the digital assets, would sell them to buy a Lamborghini. There is even a website dedicated to the phrase and allows users to calculate when their holdings in BTC and other crypto, will mature enough to own a Lamborghini.
How About When Tesla Model 3? Or When Roadstar?
The dream to own a Lamborghini has since been put on hold by many crypto enthusiasts due to the current bear market. The luxury vehicle costs on average between $250,000 and $500,000. But what if crypto traders and enthusiasts would embrace a more eco-friendly, and similarly luxurious vehicle by Tesla?
The idea of switching from Lambo to Tesla was provided courtesy of Elon Musk who replied to a tweet by asking one of his followers if he wanted to buy Bitcoin. The initial tweet was about Elon’s love for anime but it soon shifted to Bitcoin. (The full tweet can be found in the following section.)
Binance CEO, Changpeng Zhao, Commits to Buying a Tesla if They’d Accept Crypto
The tweet did not go unnoticed for as soon as Elon tweeted it, the CEO of Binance expressed his intentions to own a Tesla, but only if the car manufacturer accepted cryptocurrencies. His exact tweet was as follows:
Lol, it’s spreading. I will buy a Tesla if you accept crypto…
Why Tesla Accepting Bitcoin (BTC) and Crypto Would Be A Good Idea
To begin with, both Tesla and Cryptocurrencies are attempting to change the status quo in terms of what the world has accepted as the norm. Tesla wants to introduce electric vehicles in a bid to save the environment. The team at Tesla is continually improving battery design to allow their vehicles to travel longer distances on a single charge thus eliminating the need for petrol/gas/diesel powered vehicles.
Bitcoin and crypto on the other hand, want to bring in the concept of decentralized financial transactions by allowing them to be on a peer-to-peer level. The global monetary system has been accused of being veiled in secrecy by governments, leaving out the little guys like you and I. However, Bitcoin and other cryptocurrencies are transparent and immutable through the blockchain.
What About the Power Consumption of BTC?
Annual Bitcoin mining was once analyzed to one day consume enough power to charge all the electric vehicles in the world, also for a year. Some studies have shown that the same power used to mine BTC can power the country of Argentina, also for a year.
It is true that Bitcoin and crypto mining does consume a lot of energy, but no one has really calculated the cost of printing and minting paper and coin money! By simply guesstimating the amount of machines and moving parts involved in printing/minting money, we can assume the energy consumption is also pretty high. When you factor in the energy consumption of all the global banks and their offices, we get a clear picture that the banking industry also consumes a considerable amount of electricity.
Therefore, it is safe to conclude that the environmental impact of Bitcoin has not had a fair analysis.
In conclusion, crypto enthusiasts have the option of putting aside their Lambo dreams in preference of a more eco-friendly Tesla. The thought of the electric-car manufacturing company accepting crypto, would thrust both industries into the stratosphere in a manner similar to a Space X rocket.
[Image courtesy of Inc.com]
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.