Feels very much like what happened with Overstock a few years ago with their CEO promoting it, deciding that they'd accept it, etc. Now he's gone full-nut, even more than Musk.

If this scenario were to actually play out, a huge number of people 'hodling' bitcoin will cash out. I guarantee it. I wonder what it will be worth after that sell-off surge?

Many holders have similar ideological beliefs, Michael Saylor also said he doesn't plan on selling any and that he would just borrow against it if he needed the cash.

When the stock came down it snowballed, they hit limits where they had to settle-up their loans, but to do that they had to sell large amounts of Enron stock that then dropped the price further.

This is a dangerous game.

I do not expect the distribution of vendors of essentials to be increasing their acceptance of bitcoin any time soon. In any kind of remotely significant overall crash - which most of us reading this are very likely to see in our lifetimes - it goes back to the barter system & whatever proxy is most stable at the time. Perhaps bitcoin could play a role here, but it remains to be seen how much. I would definitely expect most people owning it to sell it fairly early on in a major collapse. Whether that group collectively owns enough of it at such a point vs. institutional investors to affect the price downward is almost completely unknowable. Which seems like too much of a risk to me.

We have far better ways to establish trust now-- including within the wider cryptocurrency space. I expect the architects of the market(s) will consult knowledgeable engineers who provide them levers of control for multiple variables when opening up new trust systems. When considering these probabilities, in my opinion Bitcoin is clunky legacy tech and a ticking time bomb.

Let's be honest: most people from the early Bitcoin days, or even those who entered at 1k or bought the dip after the crash three years ago, who have enough Bitcoin for a Tesla would have to pay a lot of taxes if they converted it to dollars. Buy a Tesla with them? No way for the IRS to notice that unless they audit you.

Tesla is offering people with an interest in tax cheating essentially an easy way to turn the 2k investment of four or five years ago to a luxury vehicle.

Or the IRS could ask Tesla for a list of everyone who bought Teslas with bitcoins and what their bitcoin addresses were.

However, a lot of people suddenly made a pretty penny on bitcoin this year, so giving them an opportunity to buy their cars easily with it (let's just assume they are paying taxes on it), that alone could foster a lot of good will and make people want to support the company by buying Teslas. I've already started seeing threads on Reddit saying 'Should we replace the Lambo (it was a meme that when Bitcoin went to the moon everyone would buy Lamborghinis) with a Tesla?'

That is in fact the easiest way for the IRS to notice, as crypto is only taxable when it is transacted. And bitcoin is a public ledger.