Tesla Buys $1.5Billion worth of BTC
On Febraury 8th it was revealed that Elon Musk’s “Tesla” has converted 1.5B of assets into Bitcoin. Not surprisingly this set off an incredible frenzy that has not ceased at the time of writing this article. Bitcoin is up 13%, ETH is up 9%, and TRX has surpassed a major resistance line currently up 17%.
Although the news took the entire crypto community by surprise (as seen by the buying frenzy) it was as Musk put it “inevitable”. Back in December Musk publicly asked Michael Saylor about the possiblity of entering the BTC space, wondering if large transactions were even possible. Since then Elon has been a bold spokesperson for cryptocurrencies in general, and has even acknowledged that crypto may be replace FIAT currency.
Are such large transactions even possible?
— Elon Musk (@elonmusk) December 20, 2020
Buy a Tesla With Bitcoin?
Beyond just converting cash assets into Bitcoin, Tesla went even further. Tesla announced that they are in the works to accept Bitcoin as payment for their highly sought after cars. This is certainly a game-changer. In general people will not use what they do not understand, and many will not even explore cryptos out of fear. Tesla, being such a large, prominent company added a significant amount of credibility to the idea of blockchain payments – no matter which one you prefer.
Score Milk offers to buy a Tesla
Score Milk, a project brought to you by Tron Spark, has challenged Elon Musk to not stop at accepting just BTC, but also accept TRX for payment. They have gone so far as to offer to buy a Tesla “right now” if they agree to accept TRX. Some quickly asked if Score Milk is serious.