Crypto adoption

The news of the last 24 hours or so has been Elon Musk announcing that Tesla would stop accepting bitcoin as payments for Tesla cars due to environmental reasons.

Just a month or so ago, crypto heads were rejoicing when Elon announced that Tesla would buy $1b worth of bitcoin and allow payment for cars with bitcoin. Many other companies and firms followed suit.

Yes Elon’s word isn’t the bible but this is undoubtedly big news and a major setback for crypto adoption just when everyone seemingly has turned the corner on bitcoin.

Everyone seemed like they were on the crypto train the last few months after a decade of resistance. It was a much slower adoption than even the modest cyrpto heads would have thought during the 2010s.

So far, it seems like the 2021 is going to be crypto’s year. I still believe that to be true despite what Elon or Tesla believes about bitcoin. New technology is always met with skepticism. There’s going to be more bumps in the road and setbacks this year and in the years to come.

I’m not sure bitcoin will completely eliminate fiat currency, but I do know it’s here to stay.