Bitcoin’s price has fluctuated many times since Elon Musk revealed on Twitter that his company, Tesla, would start accepting Bitcoin as a form of payment.
Social media platforms have been filled with screenshots of those filling out orders to buy Tesla cars with Bitcoin.
But these enthusiastic buyers who are ready to exchange their digital currencies for a “Tesla” car may end up living in great regret in the future, and their scenario is similar to that of the person who paid 10,000 Bitcoins for two pizza.
How could spending BTC on a Tesla be a huge mistake?
This week, Elon Musk, CEO and founder of Tesla and SpaceX, revealed that Tesla cars are available for sale in exchange for payment in Bitcoin.
The internet was buzzing with news, and the bitcoin price rose at first, but the price refused to go up.
Ten years from now, Max Keizer noted, people will be shocked that someone was foolish enough to spend a whole Bitcoin on a Tesla car.
The comment is not intended to be an insult to anyone who would like to buy a Tesla car with their digital currencies, but it does give rise to thinking about what might be the case in ten years and how much Bitcoin will be worth for a “Tesla” car.
Bitcoin faces colorful temptations between “pizza” and “Tesla”:
It was an unfortunate thing to buy pizza for a large number of bitcoins upon remembering, but without it bitcoin might not be what it is today.
On May 22, 2010, Laszlo Henyak announced via the BitcoinTalk forum that it had successfully bought two pizzas for a total of 10,000 Bitcoins.
At the time, Bitcoin was virtually worthless by all accounts, and had yet to trade for a penny.
Laszlo’s focus was to make history by completing the first ever documented transaction to purchase a commodity in Bitcoin.
Today, that 10,000 Bitcoin is worth half a billion dollars, making these two pizzas the most expensive pizza ever.
A Tesla now costs nearly a whole Bitcoin and is much more valuable than two pizzas.
However, given how quickly the value of cars depreciates, after the emergence of newer models and technologies, Bitcoin is climbing the ladder and its value increases day by day, it may be just as unfortunate to buy a Tesla car in bitcoin as the “Laszlo” deal in 2010.
In ten years, people might be stunned by the idea of spending an entire Bitcoin on a car.
The main difference between these people and “Laszlo”, is that it will always be present in the history of Bitcoin, and it is likely that it will be a fundamental factor in the development of Bitcoin and its transformation into what it has become today.
Who knows, without buying it to validate Bitcoin’s business, Bitcoin might have failed to gain widespread adoption.
Although buying a Tesla is great today, what things will look like in 2030 might be really not so great