Elon Musk has just announced the possibility of buying a Tesla with Bitcoin.
Elon Musk, the second world’s richest man, just announced via Twitter that you can buy a Tesla with Bitcoin.
— Elon Musk (@elonmusk) March 24, 2021
The billionaire also revealed that such Bitcoin capability will be available outside the US later this year.
In his words, he said “Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.”
READ: Tesla investor sues Elon Musk for causing problems with his tweets
Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.
This comes as no shock to many on the account that a few months back the founder of Tesla, Elon Musk made inquiries about converting “large transactions” of Tesla’s balance sheet into Bitcoin from Michael Saylor, a prominent supporter of the digital currency.
The world’s most valuable carmaker in its most recent term and conditions revealed Bitcoin was the only Crypto accepted by Tesla for such payment “You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV. Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin,” states the terms.
READ: Tesla loses $200 billion in market value following Bitcoin investment
Tesla had earlier disclosed it has made $1.5 billion worth of investments in Bitcoin.
“Thereafter, we invested an aggregate of $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”
The fast-rising American electric car manufacturer further disclosed that it made the bet on Bitcoin after updating its investment policy last month to allow Tesla to invest in digital assets as well as gold bullion and gold exchange-traded funds.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.
XRP enthusiasts are currently holding on to the seventh most valuable crypto.
XRP enthusiasts are currently holding on to the seventh most valuable crypto, as a significant number of crypto pundits argue on Ripple settling with the U.S powerful financial regulator.
At the time of writing this report, XRP traded at $0.581492 with a daily trading volume of $4 Billion. XRP is up 3.98% for the day
XRP Bulls had earlier breached the support base above $0.55 price levels on macros suggesting the ongoing legal tussle at an American court might go in Ripple’s favour, before surging above the $0.58 price area.
READ: XRP stands firm, investors wait on Ripple’s legal outcome
A top crypto strategist with the pseudo name XRP_Co adding credence to the facts that reveal Sarah Netburn, the American Judge Handling Ripple’s case, views the crypto asset more like a currency and utility rather than security as claimed by the U.S SEC.
“My understanding of XRP is that not only does it have a sort of currency value, but it also has a utility, and that utility distinguishes it from Bitcoin and Ether.”
– Sarah Netburn, Judge, SEC v Ripple case (Mar 2021)
READ: Ethereum defying law of gravity surges past $1,050
👉https://t.co/0lcYGbyAIV#xrp @Ripple #fintech #crypto pic.twitter.com/zUjcMktO7s
— XRP_Cro (@stedas) March 28, 2021
The fast-rising crypto is staying firm above $0.5500, with the two most valuable cryptos, Bitcoin and Ethereum also gaining more upside.
Meanwhile, Ripple, XRP provider, and leading enterprise blockchain recently disclosed it was acquiring about 40% of Tranglo, a Malaysian cross-border payments firm.
READ: Leader of world’s most powerful central bank says Crypto unreliable for wealth preservation
The company and its top lieutenants seem to be undeterred by the legal tussle with the U.S. Securities and Exchange Commission for allegedly deceiving holders of XRP by selling more than $1 billion of the crypto assets without registering with SEC
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The crypto is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.
Visa Inc. has stated it will accept the use of the crypto in settling transactions on its payment network.
Visa Inc. has announced it will permit the use of the crypto in settling transactions on its payment network, the latest sign of growing acceptance of Crypto assets by a major financial player.
In a report credited to Reuters the crypto asset being used is the USDC stablecoin crypto whose value is pegged directly to the greenback.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.
READ: What Flutterwave-PayPal partnership means to merchants in Africa
Recall some weeks back, Visa’s Chief Executive Officer, Al Kelly, revealed that in order to make Bitcoin and other crypto-assets safer, useful, and applicable, Visa might add them to the company’s payments network.
During Visa’s fiscal first-quarter 2021 earnings call, the CEO of Visa described crypto assets like bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.”
“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said.
READ: Why PayPal dropped 6% after posting its strongest earnings growth
The payments executive also said stablecoins could be used for “global commerce” and “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”