Buying Tesla with Bitcoin. Is it a good idea?

Buying Tesla with Bitcoin: a tweet by Elon Musk

After the announcement by Tesla’s CEO Elon Musk that the company will accept Bitcoin as payment, the internet went berserk, about Bitcoin and Tesla. One crypto giant Keizer Max threw a tweet saying people will be amazed by how someone used a whole Bitcoin to buy a Tesla truck. Keizer referred back to the story of the man who bought pizza with a Bitcoin back in 2008. Tesla is the new Pizza. 

The tweet was out of goodwill. But these are some of the factors that keep telling people that Bitcoin is for value storage. It is not what it was meant to be, a coin for decentralised transactions. The world is taking a different turn on cryptocurrencies but Bitcoin is the initial crypto. Bitcoin is what makes the headlines and the rest follow. 

The CEO of SpaceX and Tesla has been in so many scenarios been urged to stop tweeting about Bitcoin and some other coins like Dogecoin which he has been hyping. He even photoshopped a Shiba Inu- the dog breed that is used as the logo of the coin, in space. He has been accused of bringing huge short in Bitcoin value and many other scandals.

Is it a good idea?

But is acquiring a Tesla using Bitcoin a good move? The answer would be yes and no. Yes especially for people who have enjoyed the increase in value of their Bitcoin. 

People who acquired the coin when its value was less than $30,000. If these people feel they have made enough profit then they can go ahead and buy a Tesla using Bitcoin. 

Buying a Tesla using Bitcoin is a wrong move. This is true especially for people who acquired the coin when its value was more than $40,000 per coin. It is also not a good move for people who may be thinking of buying Bitcoin using Fiat currency the purchase a Tesla. What Keizer is saying is true. Yes using a Bitcoin to acquire a Tesla now may seem fancy and a nice thing to do but with the current trend and speculations about Bitcoin the future is too bright to do that.

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