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Elon Musk says Tesla will re-accept Bitcoin as a mode of payment
Jul, 22 2021
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A virtual conference took place at “The B-word” platform. At the conference, Elon Musk made an appearance. Musk said Tesla will re-accept Bitcoin as a mode of payment. In the conference, Elon Musk said about Tesla how it will accept Bitcoin once the goal for renewable energy for the industry will be fulfilled. In the conference, Musk revealed the secret of cryptocurrency holding. He said that “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, I own a bit of Ethereum, and I hold dodge coin of course”. He also clarified how his company invested in Bitcoin. He invested the Bitcoin with BTC holding, the cost of which is more than dodge coin and Ethereum. He made a smart move by keeping the investment amount secret. But the fact is Tesla holds $1.4 billion of Bitcoin. Musk discussed all the concerns related to a Bitcoin transaction. The critics of Bitcoin simply cannot scale. He believed that a second layer is necessary to support huge transactions globally. He added on the requirements of higher data and increase bandwidth will automatically increase the speed. In his statement, he mentioned Starlink is the one that can increase the bandwidth of the Internet. The role of scaling by Starlink which is a SpaceX satellite will play important role in Internet service. The additional knowledge and possibility of Bitcoin mining through SpaceX Starlink terminals are in high demand. The trading of Bitcoin mining by Tesla again with the help of Starlink internet service worldwide will give a positive result.
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Vandana Mrigwani
CBW - External Analyst
INDIA
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