Bitcoin, the undervalued currency, fully orders Tesla Model 3

On Tuesday (April 5) during the Asian session, the price of Bitcoin soared, and an investment bank released a report saying that Bitcoin was seriously undervalued. Bitcoin has evolved from being able to buy a $10 pizza to being able to buy a new car in full.

Bitcoin

According to the latest quotes, Bitcoin/US dollar (XBT/USD) fluctuated yesterday and broke through the Asian session to soar above 421. Bitcoin/Euro (XBT/EUR) fluctuated yesterday and surged to 372 in the Asian session. Bitcoin/RMB rose to above 2700 overnight and fell back to 2690 in the Asian session, but then rose again.

Bitcoin is undervalued

Needham Investment Bank released a report saying that the current price of Bitcoin is at least 58% undervalued. The report values ​​Bitcoin at $655. The author of the report is Spencer Bogart, the new securities partner in charge of Bitcoin and blockchain research at Needham Investment Bank.

Spencer Bogart said this is undoubtedly a vote of confidence in this new technology as a stable means of storing value. "We believe that Bitcoin has the functions of both digital gold and means of payment."

Tesla Model 3 Order Full Price with Bitcoin

Recently, Mason Borda, a software engineer at BitGo, used Bitcoin to reserve a Tesla Model 3 and paid for the car in full using Bitcoin.

Borda posted on his blog, "I just reserved a Tesla Model 3, paid in full with Bitcoin," and explained how he learned about the Tesla car and how he reserved this cool car from the electric car manufacturer.

Instead of sending Bitcoin directly to a wallet address or using the Bitcoin payment gateway on Tesla's website to reserve the car, Borda used Bitcoin to pay on the automaker's website, while also utilizing traditional fiat payment channels. Borda first used the ShakePay service to create a credit card that only supports Bitcoin payments and deposited $1,000 worth of Bitcoin into it to reserve the car. After paying the reservation, he paid the remaining $34,000 and can pick up the car next year.

The Tesla Model 3 is currently on pre-sale on Tesla's official website. It is understood that the deposit for Model 3 in mainland China is 8,000 yuan, and each owner is limited to ordering 2 units at a time.

Bitcoin debit or credit cards, also known as crypto cards, make it easier for people to spend Bitcoin at any POS machine. These crypto cards are connected to the user's Bitcoin wallet and run on Visa or MasterCard terminals, just like a regular debit card. Payments made using crypto cards will be deducted from the user's Bitcoin balance, and the merchant will receive the payment in fiat currency.

Maybe in the near future, the value of Bitcoin will be higher, let us wait and see.