Interest in the Bitcoin payment method to be introduced by Tesla… Solving price volatility is a challenge
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(Los Angeles = Yonhap News) Correspondent Yoon-seop Jeong = US electric car maker Tesla announced that it would allow consumers to pay in bitcoin when purchasing its electric car, and interest is drawing on the bitcoin payment method Tesla will adopt in the future.
Reuters reported on the 9th (local time), citing virtual currency experts, that Tesla has two possibilities, such as allowing consumers to pay Bitcoin through a third intermediary or introducing its own payment system.
First of all, one of the easy ways Tesla introduces bitcoin payments in the current system is through an intermediary.
This is how a customer takes bitcoin from his or her wallet, converts it into dollars at a third-party payment institution, and then buys a Tesla car.
AT&T and Microsoft are already allowing bitcoin payments with the broker’BitPay’ in the middle.
There is also a strong prospect that Tesla will build a Bitcoin payment system directly without going through an intermediary.
Tesla CEO Elon Musk is motivated to invest in bitcoin, and Tesla has the technical expertise to build a bitcoin payment infrastructure.
However, the problem lies in the volatility of the value of Bitcoin itself.
There is no problem if bitcoin works as a currency with stable value, but the majority of market participants now accept bitcoin as an investment product.
Therefore, experts predicted that resolving volatility problems such as sharp price fluctuations will be the key to Bitcoin settlement.
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Based on his experience, rather than Mason, the CEO of tokensoft, a cryptocurrency software company, he said that he does not recommend paying with Bitcoin when buying Tesla cars.
Rather, in 2016, a Tesla Model 3 (three) was purchased through a bitcoin brokerage payment institution, and at the time, the price of one bitcoin was about 400 dollars (440,000 won). However, the value of Bitcoin has soared that interest is drawn whether it currently exceeds 50,000 dollars (55.56 million won).
Reuters reported that the electric car was purchased with bitcoin worth 130,000 dollars (140 million won) at the time, but if the bitcoins were left as they were, the current value is over 14 million dollars (15.5 billion won).
Rather, he predicted that “if the price of bitcoin you own rises sharply, the novelty of buying things with bitcoin can quickly disappear.”
Even if Tesla establishes its own payment system, the volatility problem remains.
Danny Masters, CEO of CoinShares, a cryptocurrency investment analysis company, pointed out that Tesla should introduce a kind of exchange rate system that sets an appropriate value between Bitcoin and the dollar.
Some experts predicted that Tesla may not immediately cash out the bitcoins paid by customers for electric vehicle payments, taking into account the volatility of bitcoin.
It means that after receiving bitcoins from customers, they can be tied up as investment assets.
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2021/02/10 04:32 sent