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Friday, May 7, 2021

Buying Your Car with Crypto?

As a whole, even when following closely the crypto market can remain a bit of a mystery to many but as prices for the biggest options continue to increase seemingly without a cap as earlier this year bitcoin was able to surpass $60,000, it seems there’s no slowing the market. Even with the latest changes that came with a new entry to the Ethereum blockchain in NFT’s, success continues to be shown – there’s still the big question of volatility, which has hurt any option away from many of the bigger currencies being using purely as a trading option, and things like NFT’s have helped to bridge that gap a little although as that space in itself has begun to settle it has shown that it isn’t all that much different, just the same thing packaged a little differently.

(Image from dw.com)

For the layman looking at it as an actual currency rather than a trading option, however, the importance comes from how you’re actually able to use crypto – it’s all well and good that the price of a single coin can be so high, but if there’s no realistic use then you’re just holding onto something that can crash at any moment – but now the first big name is on board it may lead others to follow. In some regards it should have been expected, Tesla boss Elon Musk has shown that he is very much into the big changes in modern culture and after the $1.5 billion investment in the crypto too it did light the path a little, but it now may not be long at all until you’re able to buy a brand-new car, and an in demand one at that, using just crypto.

Whilst there have been opportunities to spend bitcoin in other markets, it typically comes as something much lower in value – things like buying a pizza, or gambling online at these uk casinos for uk players for example have been the likely candidates, but nothing quite so impactful. It’s unlikely that it will lead to other manufacturers jumping on board, the market may be just a little too volatile for that as you could pay your one bitcoin for a vehicle that costs $60,000 one day, but drops to $30,000 the next, but may be enough to encourage some other industries to get onboard with the idea – but perhaps with an aim at the lower priced and more stable cryptos.

All in all, it’s quite an exciting change, it may have been unthinkable a few years ago that you could buy something like a brand new luxury car for essentially nothing, and a sign of the changing times – cryptocurrency as a whole is only becoming more prominent and early figures like Tesla pushing for change will be important in helping decisions being made for the future, and there will certainly be plenty with a spare bitcoin or two lying around in a long forgotten wallet that will pick up their new car.

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