Bitcoin, Tesla And The Bulls

By lordneroo | Crypto Hustling - Airdrop Sniping | 24 Mar 2021

Elon Musk announced in a recent tweet that it is now possible to buy a Tesla with Bitcoin.

The technoking of Tesla recently announced that Tesla lovers can now use Bitcoin to purchase the automobile manufacturer's products. The company is setting an example here, and my guess is that competition will soon follow Tesla's lead and start accepting cryptocurrency payments. Definitely a bold guess, but I think the signs are there.

So the king of bullish tweets is back in business, letting the world know that Tesla has delivered on the promises made. I believe we were all expecting that given the company's interest in Bitcoin, and now it's only a matter of time until we get to see the effect this announcement will have on Bitcoin's total market capitalization.

Musk’s announcement comes two days after Federal Reserve’s Chairman Jerome Powell called bitcoin a volatile speculative asset.

Source: coindesk.com

The ever-growing cryptocurrency industry has been attracting major attention over the last couple of months, with Bitcoin and competition making headlines and creating a domino effect of awareness and adoption. Payment giants, retail corporations, central banks, you name it. Everybody wants a piece of the crypto pie, and it's understandable. Crypto is here to stay and reshape the way we communicate value to each other.

Furthermore, with central banks printing money at record pace due to the ongoing Covid-19 outbreak and its financial impacts on the global economy, more powerful players are looking for better and safer alternatives. As a result, more money is flowing into the cryptocurrency space as the days go by, and my guess is that this will continue to be the case throughout Q2 2021. As you can guess, this is good news for crypto.

Moreover, the limitless possibilities offered by the blockchain technology could not go unnoticed, and thus we are now witnessing dramatic growth in the number of individuals and organizations getting interested in the crypto game and looking to take advantage of the amazing opportunities presented to early adopters. Which we all are, as this revolutionary technology was just invented 12 years ago. It's still early in the game.

Tesla seems to have realized this fact, as Musk's responses to the initial tweet hinted that the company is not planning to sell the Bitcoin acquired through sales. On the contrary, they will be HODLing that Bitcoin for quite some time. This basically means that, with every purchase, more and more Bitcoin will end up removed from the token's circulating supply, making Bitcoin scarcer and applying upward pressure on its USD price. If Elon proves to be a man of his word that is. Which he has.

Apart from the fact that Elon Musk has taken Bitcoin marketing to another level, he is also trying to convey the message that Bitcoin is not just another means of payment to him. His meticulously formulated statements reveal that he believes Bitcoin will be much more expensive in the future, and to say that he has a huge platform on social media would be an understatement. The guy speaks and the world listens. Which is why I believe he has already convinced big money to get involved, and we will probably get to hear about it in the coming weeks.

Analysts believe that Musk's statements were the reason Bitcoin has risen from $54.7k to above $56k over the last 10 hours. The token is currently swinging around the $56.3k mark, an increase of approximately 1.9% over the last 24 hours, with trading volumes of roughly $58 billion. It is worth noting that BTC's USD price keeps climbing up in spite of the fact that the U.S. dollar is currently demonstrating signs of growth. It appears that the inverse correlation between the two assets has been weakening lately.

The cryptocurrency is trading higher despite the strength of the U.S. dollar in the foreign exchange markets. The dollar index (DXY), which tracks the greenback’s value against majors, has risen to 92.52 – the highest level since Nov. 24.

Source: coindesk.com

2021 is already proving to be a wonderful year for the cryptocurrency industry and Q1 isn't over yet. There is a lot more to come in the following months, and one can only imagine what will have happened in the space by the end of Q4 2021. Judging by the exponential growth we have witnessed over the last 12 years, I think it's safe to say that nobody really knows what the future has in store. Even the most optimistic enthusiasts couldn't have guessed that all this progress would be made in the space in a decade's time.

The future looks bright, and those invested in the game for a long time will reap the reward. We are privileged to be living in exponential times, witnessing the birth of revolutionary technology that will enable humanity to overcome obstacles that have stalled the development of our species for centuries, and will provide us with the weapons needed to fight corruption and to ensure transparency. The crypto space is already changing lives by offering many ways to generate income from home as long as you can afford internet service, and this will act as a catalyst for change.

In other words, we are now capable of generating much more wealth thanks to the blockchain technology, and this will inevitably increase the standard of living. Hundreds of millions of unemployed people around the world now do have a way out. Which basically means that for the first time in history, we can be truly free and independent, capable of making ends meet living completely off-grid. And we are just getting started.

Thank you for your attention

Alright guys, that's it for now. Thank you for taking the time to read these lines.

Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.

Stay safe and have a good one,
@lordneroo

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