Elon Musk bitcoin telsa car purchase

Want to Buy a Tesla? A new Initiative Allows Potential Buyers to Pay for a Model 3 with Bitcoin

Elon Musk, aka Tony Stark of the real world, otherwise known as the ‘God Emperor' thanks to his forays into the worlds of space exploration and space-age transport with SpaceX and Hyperloop has gained yet more popularity for his progressive approach towards payments in Crypto.

His company's latest initiative includes the introduction of cryptocurrency as an accepted medium of payment for products such as a Tesla.

Specifically, the origins of this initiative come from a Twitter comment from Altpocket, the Sweden-based social cryptocurrency portfolio tracker tool.

What exactly was the tweet? It all started with the question put to Musk, on if and when crypto enthusiasts would be able to buy a Tesla using Bitcoin.

How did Tesla's response go down with active users? Really well, if you're taking into consideration the positive responses coming from the company's Twitter feed and Bitcoin Sub-Reddit, the latter of which has seen more than 630 upvotes so far.

The further upside for Elon Musk in the whole Twitter exchange was that it has earned Musk yet another positive nickname in the wake of his answer. It's resulted in him being referred to as the ‘Tony Stark' of real life.

What the average cryptocurrency-interested individual may not know is that users are able to buy and sell items for Bitcoin, it just requires a third-party buyer or seller in order to convert it to fiat for the final transaction. AltPocket points out that this method of ‘paying' for something ‘kind of removes the point' of using cryptocurrency as a method of completing payments.

Unlike conventional car dealerships, which operates as a third-party intermediary between the consumer and manufacturer, Tesla bucked the trend, setting up their own stores from which consumers can buy the car directly from the company.

While it was an optimistic conversation between Musk and AltPocket, the implementation of Bitcoin-based payments would prove to be a logistical challenge for allowing users to pay in cryptocurrency, requiring support for an ongoing payment system specifically for it.

Jonathan Svensson, the acting CEO of AltPocket, fleshed out the possible reasons why Tesla should pursue accepting Bitcoin in their stores.

”We need to start somewhere… In order for Bitcoin, and cryptocurrencies in general to reach more mainstream adoption, it is crucial that there are ways to actually buy things without the need to convert to fiat.”

Supporters from the cryptocurrency world should be involved actively in the implementation of transactions wherever they can, according to Svensson. While the question has gone, as yet unanswered, Tesla is renowned for two things: the first being its technocratic approach towards the consumer-facing world.

The second being that Tesla and Musk are renowned for their more than active lifestyles through the use of Twitter.

We have already saw the likes of a BMW dealership accepting bitcoin as a payment option, as well as Jay Z and Beyonce breaking the norm and accepting concert tour tickets in bitcoin. So when will we see Elon Musk's approval for purchasing his pioneering electronic vehicles do the same?

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