Everyone is talking about a remarkable tweet from Elon Musk, “You can now buy Tesla with Bitcoin” were his exact words on Twitter. He recently announced that Tesla will now be accepting Bitcoin as a payment method for purchasing their cars. This announcement came weeks after the news of Tesla investing $1.5 billion US dollars in Bitcoin.
With that said, a Tesla-induced surge in the price of Bitcoin might be possible. Right now, no one is sure why Tesla is accepting Bitcoin as payment. There are many reasons and assumptions as to whether it’s part of Tesla’s corporate push or if Elon Musk just wanted to boost the price of Bitcoin. On a positive note for crypto, companies are taking increased interest in cryptocurrency nowadays.
Real Research would like to know what people think about this news and answer everyone’s curiosity regarding their common question ‘Can I buy Tesla with Bitcoin?’. Furthermore, we will find out why people think Tesla is accepting Bitcoin as payment now. Will this decision affect Tesla’s business and will this news drive up the price of Bitcoin?
- Majority of the respondents think that Tesla is accepting Bitcoin as payment because companies are taking increased interest in cryptocurrency.
- Over 35% of them predict that Tesla will make a profit because of this news.
- 45% believe that Tesla will soon accept other coins but not all cryptocurrencies.
From a total of 350,000 respondents, 56.79% are now considering buying a Tesla car with Bitcoin after hearing the news. Meanwhile, 24.17% are still not swayed and convinced as they answered ‘no’ to considering buying a Tesla with BTC.
Some 19.04% are unsure about this matter which could mean that people are still observing things that could happen with Tesla and Bitcoin respectively.
Why Is Tesla Accepting Bitcoin as Payment Now
Majority of the respondents think that Tesla is accepting Bitcoin as payment because companies are taking increased interest in cryptocurrency. Almost 30% believe it is for the sole reason of attracting more customers within the cryptocurrency community.
However, 15.21% of them think Tesla is accepting Bitcoin now because Elon Musk believes crypto is the future. This makes sense as the electric-car maker has been showing interest in cryptocurrency and personally believes that it is the future. Meanwhile, some 5.44% think that this news is just to boost the price of Bitcoin.
When asked how they think this decision will affect Tesla’s business, 35.39% of them say that Tesla will make more profits. 21.76% think Tesla will suffer from Bitcoin’s volatility, but almost the same amount of respondents think Tesla will gain more customers after this.
Surprisingly, there are a few people who think Tesla will lose its existing clients because of this decision. Besides that, 12.96% don’t think that much will change at all.
Investors are already anticipating Bitcoin to splurge since Musk has invested a lot on this. For sure, several companies will also join a list of firms that invest in or hold Bitcoin. This includes BlackRock Inc., the world’s largest asset manager, and payment companies like Paypal.
With that said, Real Research asked about what they think will happen to the price of Bitcoin after the news. 46.07% of the respondents think that Bitcoin price surge because of this decision. Meanwhile, almost 25% think Bitcoin will fall because of this.
When talking about cryptocurrency as a payment, it opens a lot of opportunities nowadays. Respondents were asked if they believe Tesla will soon accept payment in other cryptocurrencies besides Bitcoin. 45.94% believe that Tesla will soon accept other coins but not all cryptocurrencies.
Consequently, if Tesla were to accept other cryptocurrencies to be used as a means of payment, respondents were asked which one do they believe will be the most adequate choice? Ethereum goes first (29.23%), second is Bitcoin Cash (25.11%), third is Binance Coin (14.64%), then Tether (7.62%), Ripple (4.61%), and last is Litecoin (4.22%).
Furthermore, almost 30% think that Tesla will eventually accept all cryptocurrency as a payment for buying their cars. On the other hand, 12.64% of the respondents think that the company will regret accepting Bitcoin and go back to fiat payment only.
Meanwhile, almost 12% of the respondents believe that Tesla will start to create and accept its own cryptocurrency eventually. This idea also got a 5.09% response when asked regarding their adequate choice of payment option for Tesla other than BTC.
From the data collected by Real Research, buying/investing in Bitcoin has now become relevant to buying a Tesla car after Elon Musk tweeted that anyone can now buy Tesla with Bitcoin. Majority of the respondents think that Tesla is accepting Bitcoin as payment because companies are taking increased interest in cryptocurrency.
When asked how they think this decision will affect Tesla’s business, different opinions were presented. Some of the respondents expect that Tesla will make more profits. Others think Tesla will suffer from Bitcoin’s volatility, but almost the same amount of respondents think Tesla will gain more customers from their BTC payment decision.
|Survey Title||Public Awareness on Buying Tesla Using Bitcoin|
|Duration||March 29 to April 5, 2021|
|Number of Participants||350,000|
|Demographics||Males and females, aged 19 to 60+|
|Participating Countries||Afghanistan, Algeria, American Samoa, Andorra, Angola, Argentina, Armenia, Australia, Azerbaijan…Bahrain, Bangladesh, Belarus, Belgium, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, Brazil, Brunei, Bulgaria, Cambodia, Cameroon, Canada, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Ecuador, Egypt, El Salvador, Estonia, Ethiopia, Finland, France, Georgia, Germany, Ghana, Greece, Guatemala, Haiti, Hong Kong, India, Indonesia, Iraq, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Laos, Latvia, Lebanon, Libya, Luxembourg, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Malta, Mauritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Nepal, Netherlands, New Zealand, Nicaragua, Nigeria, North Korea, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Rwanda, Saudi Arabia, Senegal, Serbia, Seychelles, Singapore, Slovakia, Slovenia, Somalia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Taiwan, Tajikistan, Tanzania, Thailand, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uzbekistan, Venezuela, Vietnam, Yemen, Zambia, Zimbabwe.