Bitcoin Forum

The entrance of Tesla - the very company that is always associated with Elon Musk -- into Bitcoin catapulted the coin into another new ATH at the moment and there is that possibility that soon we can finally see BTC breaking the $50K zone.

With the announcement of the investment of $1.5 Billion into Bitcoin and maybe accepting the coin as payments for its products and services, Elon Musk and Tesla can be opening the big Pandora box for other big corporate entities especially in the USA to also join the fray. Right now, there is that rumor for Apple to also do the same thing.

Such is the power of influence that Elon Musk is having in his fingertips, literally and figuratively. So do you think that this scenario can be possible - the coming in of more corporate buyers into Bitcoin?

It's true. The Pandora Box is opened.

Now I imagine every second Musk follower discussing or checking what Bitcoin is and at least one of ten companies considering following him and Tesla. To the moon!

 It is possible that this move by Elon Musk and Tesla will push other large business structures to invest in bitcoin and other types of decentralized cryptocurrency. It is hardly appropriate to compare this with the Pandora's box, which is associated with a big step towards the apocalypse of our world. On the contrary, this is a good opportunity for a sharp increase in cryptocurrency liquidity, which it has lacked so much lately.

Well he is speeding up the adoption that was already happening, things like this also remove a decade worth of FUD from the minds of a lot of regular people who used to hear all kinds of lies about bitcoin every day. When adoption grows, there are more "customers" hence there are more "companies" accepting bitcoin as payment.
We are now running out of time to improve our scaling solutions for bitcoin.

It definitely brought a lot more reputation to Bitcoin and I could guarantee that some skeptics became convinced. What better way for a controversial technology to gain reputation than literally one of the best tech people of our age being bullish on it?

It's just more of speculation that rumor.

So, do you think that death and sickness (https://en.wikipedia.org/wiki/Pandora%27s_box), 51% attacks, Sybil attacks, thefts, and forks will be coming then next days?
What is the bad thing that is awaiting in the shadow now that Musk has bought bitcoin?
Or is it possible, I don't know, maybe, that you have no clue what Pandora's box means?


I think that this actually gave us another breather, people got used to the 30+ and some even thought that it will stay like that for a while now with this impulse everyone is waiting for $100k and probably 90% have stopped spending coins (guilty here too), probably all the traffic we see now is people rushing coins in and out of exchanges. But I'm thinking of throwing a few bits at an LN channel this weekend, just in case.

Right now there are speculation Apple might have bought $billions of BTC.The pump isn't stopping... I thought it will be like Jan 29th Musk pump (that eventually ended and btc pretty much returned to its pervious level), but the pump just keeps going. We're at 48K now. Wow.

I remember the conversation of elon and microstrategy on twitter about if elon convert some of its balance sheet to bitcoin, people will follow.

Aaaand here it is.
https://www.cnbc.com/2021/02/08/apple-may-be-the-next-notable-company-to-buy-bitcoin-rbc-says.html

I don't quite understand your reference.
"Opening the Pandora box" usually means something bad is going to happen.Just like in the ancient Greek myth about opening the Pandora box,which releases all the diseases and plagues over the human kind. From what I read in your text,you mean that cryptocurrency adoption by the big companies is like "opening the Pandora box",but in a good way.
I though that you are going to FUD over Bitcoin with this "Pandora box" reference... ;D
Anyways,I don't mind if Apple joins the Bitcoin community and accepts Bitcoin payments.

Why do you think he has opened the Pandora's box? I have seen many people like you in the social media being negative towards the decision of Elon and Tesla.
Tesla knows what they are into. It is not like they took the decision in a day or so. They know the benefits of it, and hence they invested in it. We should have all seen it coming when Elon changed his bio in twitter to #bitcoin.
At least now bigger companies are getting into bitcoin, this means more people will be aware of the advantages and usage of crypto currencies.

Elon is a meme person. Im not sure that his action may directly push others to invest in btc. However, BTC growth can do it. Businessmans like to count money

The breaking zone in $50k is so close, that everything is looks like very possible. Will see in the nearest future the results. In my opinion this situation that made a real boom in society, and filled in every existing news resource - I do not know what about this investment of $1.5 Billion into Bitcoin, because lots of famous and influential people and organisations make nowadays and made in past investments in Bitcoin, but the announcement about open doors for Bitcoin as the means for payments for Tesla's products and services is a really great step for Bitcoin and cryptocurrency. It may become a good tendency. So we may hear new surprising news and names very soon.

Although the terms used by the OP are not the most appropriate (Pandora Box), I think it was quite clear what he meant. Simply that Musk and Tesla are surely at the top of a list of major companies who will start buying and accepting BTC. I don't count Michael Saylor here, because, although he really was the first, MS is nowhere near as big as Tesla or Apple.

When there was a question about the adoption of BTC and crypto in the world, then I can't even think that we are talking about large companies. But already now we see that Pandora's box is open and now a lot of money should pour into BTC and other cryptocurrencies. This is definitely a very important step for the development and adoption of crypto. Now a lot of money is coming into play and this will probably send the price of BTC and a number of other crypto assets further than the moon, probably to Mars.

Another good news that we got from an Elon who was able to attract millions of people to know bitcoin, interested in investing, and plunging into one of the biggest pioneers today, Tesla has pursued bitcoin with high power machines. once the Pandora doors are opened, the cryptocurrency gates will increasingly be at the forefront.

The only thing that I can see here with what Elon Musk and Tesla is doing is that there is a possibility that this move of his will certainly influence if not force other large businesses to invest in Bitcoin or if not invest, at least be tolerant with it. Now the pandora's box that most are saying here we don't know if that will happen since the first thing that comes to many minds here including mine, is that Elon Musk accepting Bitcoin, is simply a good sign that will catapult the coin to dizzying heights it has never achieved before. So, if you are talking of "to the moon" thing, perhaps, but something that would spell the end of the world as we speak, a big resounding NO.

The influx of Elon Musk and Tesla's project into bitcoin will have an impact on some of the other giant companies, I don't think they will stay silent and will also race to build the best cryptocurrency and compete with tesla. That would make bitcoin soar indefinitely.

I guess I had to be more precise :)

I meant that the Tesla 'investment' in Bitcoin opened the Pandora Box to all other companies, followers and admirers the door to crypto investments. I can only imagine how many people now are considering Bitcoin as an investment after Tesla bought it.

Yeah.. Elon has opened the Pandora's Box. But the difference is that it is going to negatively impact only the Federal Reserve and the central banks. If Bitcoin gets mainstream acceptance, then it is going to be beneficial for ordinary hard working people. With the current rate of money printing by the Fed, in the near future banknotes won't be worth the paper in which they are printed on. Intelligent people are converting their cash reserves to assets that are protected against inflation such as Bitcoin and Gold. The later you jump in, the more you need to pay.

Obviously there is going to be a lot of resistance from the government authorities. Reptilian overlord Janet Yellen has already issued veiled threats against Bitcoin (and that was even before her confirmation hearing). But the scenario has changed. Unlike the case in 2017/18, now we have celebrities such as Elon who will support cryptocurrency.

The individual investors will be affected too, if this thing continues, the only one that can afford bitcoin will be the rich people that have the disposable income. This is a Pandora's box that will affect everyone on short term but in the long term when the rich finally gives in and invest in crypto, the people that have little to have some will be affected because they will never be able to invest in bitcoin. The only way that this people will be going to not be affected by it on long term is buy now before they have to pay for a much bigger amount later.

The Pandora's Box was opened when Laszlo Hanyecz ordered two large pizzas in May 2010 and paid for it with Bitcoin. This was probably the first transaction using cryptocurrency to pay for a product.  ;)

Now, to be honest the online retail giant Overstock.com was the first significant merchant to accept Bitcoin as a payment option, so we should give them credit for that.

What we are seeing now is large mainstream businesses entering the Bitcoin market like PayPal and Tesla and I think many will follow their example in the future.  ;)

It's really possible more popular institutions soon will invest in to bitcoin. A saw an article yesterday about a rumor on Apple investing in bitcoin and Oracle who is known as a multinational computer technology corporation also diving it bitcoin craze. This will drive bitcoin's price to a greater level and maybe $60k is possible this year or even sooner. His influence really brings a lot of impact to these famous institutions. The stereotype of bitcoin as a scam will slowly disappear because of him.

Elon got no chills!  :D
We will soon envy him for the steps that he taken to promote the bitcoin indirectly. You never other countries will follow the richest and smartest guy and run into technical adoption of the bitcoin in the future. For ex. country like India is against bitcoin but is now place to manufacturing unit of Tesla and Apple. Considering Musk Vision to adopt the crypto currency will influence it's buyers as well as different financial authorities within India to think about crypto currency at least with an initiative. Today we are accepting his smart products, tomorrow comes his vision for sure.

You are are right, Pandora's box only means bad stuff.

Since Crypto's rise is something good for the people that hold it, it is bad for the others that don't. I guess. Especially if it starts threatening the Dollar's throne. That's the Pandora for the FIAT holders.

Now see the worst scenario for the crypto holders:

The FED&the Gov may shutdown Coinbase, close all other FIAT gates, make Bitcoin and the other crypto completely illegal, jail the issuers of Tether for currency fraud and money laundering etc and that would pretty much kill Bitcoin. (Yeah maybe It would come back 100 years later when you get rid of all governments)

The @elonmusk phenomenon for me is the same as other analysts, it could be misinterpreted, what distinguishes @elonmusk is a real businessman. it is clear what is done can determine because he made a purchase with a clear purpose that allows sure to be profitable.


as long as it is profitable, not only institutions but big traders will also participate in enlivening it, who does not want to receive the benefits of @elonmusk effect.
In fact, bitcoin last year was clearly influenced by outside because it should have seen this year's halving be an increase in bitcoin. so plus it has increased last year, bitcoin will easily reach renewable ATH again which may be even more phenomenal. we are waiting for it because there is still a long way to go for those who have not prepared there is still time.