Litecoin founder Charlie Lee believes that buying Tesla’s bitcoins will revolutionize the US financial system, and many companies will follow Tesla’s example.
Elon Musk’s company recently bought bitcoins worth $ 1.5 billion. Moreover, Tesla plans to accept payments in cryptocurrencies. However, the car manufacturer said it would not be able to convert the received bitcoins into fiat currency. Lee drew attention to the importance of this statement. According to Lee, when sellers start accepting bitcoins without further selling or converting them, society will begin to abandon the conventional money system. Thus, a circular economy will be formed in which sellers will accept cryptocurrency, make settlements with it, and even use it to pay salaries.
“This is a turning point. One of the richest people in the world believed in Bitcoin and invested 7% of his funds in it. Now thousands of companies will follow Elon Musk. They will have confidence in their actions by seeing how Tesla does it, ”said the founder of Litecoin.
Tesla’s Bitcoin investment spurred the first cryptocurrency to rise above $ 48,000. BTC has now corrected and is trading at around $ 46,500. Twitter CEO Jack Dorsey also influenced Bitcoin’s rally with the launch of the Bitcoin Node last week. Dorsey is convinced that Bitcoin will dominate the financial system in the future. The interest of ordinary users and corporations in bitcoin is also due to the integration of cryptocurrencies into the PayPal payment system, since bitcoin trading on this platform is becoming more and more popular.