Bitcoin is growing everywhere
Tesla has been making headlines in 2021. They launched Bitcoin payment in the US, in mid-March and that is not enough. Elon Musk the CEO of Tesla has also had a busy Twitter either talking about Dogecoin or Bitcoin adoption plan. Elon Musk has been talking about Decentralised payments being the new norm. Musk has indicated that cryptocurrencies are up to change the traditional banking processes which have been slow for international payments.
Goldman Sachs has also adopted Bitcoin trading, not for the pressure from clients but because it felt like it is time to adopt the type of trade. Bitcoin price faced a bearish trend in the past week and it almost went below $55,000. On the 9th of April, the price corrected and went back to $58,000.
In the recent development, the firm that Tesla uses for warehouse has adopted to accept rent payment in Bitcoin. Caruso Properties partnered with Gemini cryptocurrency exchange to allow the payment to be possible. And it also converted 1% of its property after the partnership with Gemini cryptocurrency as reported by L.A Times. Caruso Properties will now allow payment in Bitcoin for its retail and residential properties.
Tesla leads the adoption of Bitcoin
It looks like Caruso earned some trust with Tesla since the car dealership is housed in Caruso’s property in the Americana and the Brand Center in Glendale, California. There have been no wrangles between the two companies for years and there seems to be none soon.
Tesla has been at the forefront in the adoption of Bitcoin. It has allowed payment for Tesla using Bitcoin for US users and expects to roll it out worldwide. Elon Musk also acquired Bitcoin worth $1.5 billion, Tesla according to the CEO is not planning to convert the coins it receives to fiat currency but will continue to trade.
Caruso does not seem to have jumped to the plan to win from Tesla. Bitcoin is a good hedge and has already been profitable according to the owner Rick Caruso. The L.A real-estate dealer is planning to a future that will adopt to open its doors to prospective property buyers willing to pay using Bitcoin. Caruso looks at Bitcoin as an endeavour that will win not only now but also in the future, he wants his company to be ahead.
The Winklevoss twins who own Gemini cryptocurrency is thrilled by the move for adoption of cryptocurrency adoption in real estate. Tyler Winklevoss added that the adoption will not only help Caruso but also the clients tied to the company.
Will Elon Musk Pay Tesla’s rent using BTC
Now that Caruso has adopted rent payment using Bitcoin will that make Elon spend his Bitcoin to pay rent? Looking at how Elon Musk values Bitcoin, it is not going to happen. His goal for adopting Bitcoin payment is to accumulate the coin. He has shown this by confirming that the acquired Bitcoin will not be converted to fiat but traded.
Elon Musk has been amongst the billionaires who have gone all-in in the crypto world. Although his other company SpaceX is doing well his heart has been so much on the crypto. His tweets have been on how the world will change if everyone embraces decentralised payments and cryptocurrencies. He is amongst the first people to support Dogecoin. Musk took it on Twitter to ask his followers to choose Dogecoin as the future currency and the followers massively voted for Dogecoin.
But the million-dollar question is, would you spend your Bitcoin to pay rent at the current price of the coin? Is it a waste of money? Or it is the new norm so we need to embrace it so that we look ahead of the curve just as Caruso has put it?