Tesla’s bitcoin acceptance can elevate the embracing of digital currency

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The announcement that Tesla will now accept Bitcoin as a form of payment from consumers is one that’s been lauded as a decision that can lead to other companies following in the firm’s footsteps. 

It’s a move that further affirms Elon Musk’s long-standing backing of digital currency as having a key place in the payments ecosystem. 

Bitcoin and Ether wallet specialists, Zumo, underlined the importance of the move and what it means for the potential of bitcoin. 

The group’s CEO, Nick Jones, stated: “We’re delighted to see that Tesla is now accepting Bitcoin as a form of payment for their products –  the increased institutional investment and market support of cryptocurrency from such brands is a key indicator of not only its long-term value but its contemporary relevancy. Knowing that over half of UK crypto owners have purchased this currency in the last six months, I’d imagine that more brands will follow suit.”

The year has overall seen solid performances from Bitcoin and Ethereum, with numerous investors and sectors turning to digital currency as the global pandemic grew deeper.

The rise of Ethereum has been significantly larger than that of Bitcoin over the same period, with both seemingly reaping the benefits of heightened investor interests as portfolios become more diversified.