Tesla opens a new payment gateway for the automobile world.

Tesla has purchased $1.5 Billion worth Bitcoin, and will begin taking payments through it.

The company has recently updated its policies and started investing in digital assets, such as Cryptos. This topic was discussed in a previous post, do have a look to understand what Cryptos are.

As Bitcoins do not require the entity to have any liquid possession to register for the asset; Tesla wants to take advantage of this to increase their cash - while enjoying Bitcoin's surging value. The company will also begin to accept Bitcoin as a transaction method between the customers and the sellers. Subject to the legalities of the country within which they are operating.

This creates an entirely new transaction platform for the industry and the world altogether. This is the first large scale firm that is outrightly used Cryptos as a fund transfer method; this can cause a domino effect on the market, causing many large firms to follow suit.

Furthermore, this enhances Tesla's quirky approach to the business world and their demonstrated rebellious nature to what is considered to be a conventional business set up. Making this move a masterstroke in their marketing pouch; while also helping out costumers that hold large funds in Bitcoin... for whatever reasons ;)

This is a win for the company, as long as the volatile Crypto does not see another shocking fall in its value. The currency has been rising in value, and it seems probable unless the mining skyrockets or someone sells their coins that this trend will continue. Anyhow, it is a risk. However, it can work in the company's favour.

Another news on Bitcoin and Cryptos. India is also looking to start its own Crypto. The government will soon bring in a bill, which will ban all privately operated cryptos and then introduce RBI's digital currency.