On the 21st of April, a BCH influencer and YouTuber took to his YouTube channel to announce that he is willing to buy the 111 Tesla Model 3s if the company begins to accept Bitcoin Cash as payment.
Earlier this year, Elon Musk announced on Twitter that Tesla will now accept Bitcoin as payment from customers who wish to purchase the famous electric vehicle. He also added the Bitcoin accepted as payment will not be converted to cash. It will remain on the company’s balance sheet as Bitcoin.
This recent update was good news to the Bitcoin community. While this was good news, a lot of Bitcoin Cash supporters felt BCH would have been a better option for the company than BTC.
Why Tesla Should Accept Bitcoin Cash
The Australian YouTuber who runs the 1stmil channel on YouTube has vowed to purchase an Electric Vehicle from Tesla if they accept BCH. He also stated that he is willing to promote Tesla on his channel if Elon Musk pays attention to his request.
The owner of 1stmil also argued that Tesla accepting Bitcoin alone may not be the best business strategy as many owners of large Bitcoin volumes are more of holders than spenders. “BCH owners are willing to spend their asset, unlike BTC holders who just want to HODL their coin,” he argued.
Although the YouTuber claims to own millions of dollars in BCH, he revealed just one of his wallets which holds about $141,000 worth of BCH. At the moment, in Australia, one Tesla 3s is sold for approximately $52,000. He also stated that if purchased, he would be using the Tesla EVs for a new business project that he isn’t disclosing yet.
The addition of Bitcoin Cash as a payment method for Tesla is not out of reach for the company. Since Bitcoin is already accepted, adding one other crypto will not be too weighty a task.