Reshab AgarwalElon Musk is more known for hiking the prices of crypto than he is known for selling cars and making rockets. In the past, his comments on Dogecoin have hiked the price of the cryptocurreny extensively. On the other hand, his comments on Bitcoin and Ethereum have brought it down significantly. This happened even after everyone knew that he has invested in Bitcoin through Tesla. So, the question has to be asked, Will Elon Musk HODL or spend his Bitcoin? This is considering that their landowner now accepts cryptocurrencies.
Will Elon Musk HODL or Spend?
I would say HODl. Being a tech enthusiast himself, he does know what the advantages of crypto are. I am pretty sure that in the distant future, he could even envision it to be above fiat. So, spending its crypto holdings will not be a good idea. Heck, after investing in Bitcoin, Elon Musk also announced that Tesla would also accept Bitcoin payments. And they made it clear that they plan to hold the coins and not convert them to fiat. This clearly shows that Tesla and Elon Musk are looking at this as a long-term goal and will hold onto Bitcoin through every market fluctuation.
But why does this question arise? This is because the landlord of Tesla has now started to accept payments in Bitcoin. This means if Tesla wants, they could go ahead and pay their rent using Bitcoin. The properties of Tesla that come under this landlord are located in California. Considering that Bitcoin was not designed as an investment but as a replacement to fiat, it is plausible that Musk plans to use it that way.
Paying for anything with Bitcoin isn’t a good idea?
Yes, you heard that right. I am asking you guys not to pay using a currency because it is not a good idea. This is because the price of Bitcoin has surged by over 800% in the last year or so. And we are expecting it to grow multi-folds in the years to come. Would you like the idea of buying a Tesla with Bitcoin with which you could have bought a Lambo in a few years? I am pretty sure that the answer will be no. It will be similar to the two pizzas bought with 10,000 Bitcoins back in 2010. But back then the individual didn’t know what he was doing, but you do. So, yes, don’t pay with Bitcoin. HODL! To the moon.
Do you think that paying with Bitcoin makes any sense at this period of immense growth? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: State Street will soon start trading crypto assets on their platform.