In the example of electric-vehicle maker Tesla, which bought Bitcoin for $1.5 billion, many companies will follow, accelerating the abandonment of the fiat system, said Litecoin founder Charlie Lee in an interview with Decrypt.
He stressed that Elon Musk’s company not only bought cryptocurrency, but also intends to accept it as payment for its products at the point of sale without the ability to convert back into fiat.
“I think this is very important. When merchants start accepting Bitcoin, not selling it, we will begin to move away from the fiat system,” Lee says.
According to him, this will lead to the emergence of a closed economy in which all payments and settlements are conducted in cryptocurrency.
“This is a turning point, when the richest man in the world believed in Bitcoin and invested 7% of Tesla’s treasury in cryptocurrency. Many companies will now follow this example, as they will be more confident seeing how Elon Musk and Tesla do it,” the Litecoin founder added.
Earlier, moved part of its reserves into digital gold company MicroStrategy.
CEO Michael Saylor’s remarks at the annual conference, in which he outlined Bitcoin’s prospects, the advantages it offers for businesses and how they might integrate it, interested representatives from nearly 7,000 companies.
Follow ForkLog news on Twitter!