IoTA is Big on Automotive Industry; Why isn’t Elon and Tesla Investing with IoTA?

Data & Research / 22.06.2021

Ever since January 2021, Elon Musk and his company Tesla have shown interest in the crypto world. For instance, Tesla purchased over $1.5 billion worth of Bitcoin when bitcoin prices were slowly surging. Elon also purchased Bitcoin for his investment use.  

Tesla later introduced a payment system involving Bitcoin to pay for any purchase of their Tesla cars. The company noticed the huge prospects in Bitcoin and decided to share its benefits and its reliability. 

Primarily, crypto assets have vast advantages when reporting and storing them as retained earnings, and Tesla was ready to enjoy that. Later, Tesla stopped accepting payments in bitcoin, highlighting environmental issues as their main reason. However, Elon supposedly continued to hold his bitcoin funds and increased his interest in crypto by investing in Dogecoin

The impact of Elon Musk’s investment in Dogecoin is an increased price on the coin, making Dogecoin go to the top ranks in the market cap. However, Dogecoin is almost the opposite of Bitcoin, and what Tesla stands for, the coin has no real use cases.

In crypto, there is another asset that could have vast applications in the Tesla company and car production business, IoTA. What is IoTA, and How can it Help Tesla? Why isn’t Elon interested in IoTA? 

What is IOTA?

IOTA is a blockchain-based crypto ecosystem designed with top solutions to various technological development options. Unlike other blockchains, IOTA is a proprietary network that leverages a system that aims at confirming transactions. The system called Tangle is an acyclic technology that helps in providing consensus. 

The IOTA network is a highly efficient platform with several top features, including maximum scalability and zero-fee transactions. Generally, this network was introduced to help in the interaction of IoT devices to the blockchain. 

IOTA as a network has some of the top use cases today, and each helping drives the globe into a digital future. For instance, the rise of IOTA gives a great basis for the making of smart cities. Others include smart energy, eHealth, supply chains and manufacturing, and automotive and mobility. 

IOTA for Automotive Industry

The automotive industry is one of the greatest beneficiaries of the IOTA network and its token. Generally, the vehicle industry, especially those used in public transport, needs reliable payment methods for transport charges, parking fees, fueling, and service stations. Even more, there are other payment options for ride-sharing, data selling, and other services. 

Tesla is a company working in the production of some of the most excellent vehicles globally. The company has been associated with producing electricity-powered cars, competing against the normal gas power vehicles. Tesla is on a mission to provide top vehicles that are not a huge problem to the environment. 

If Tesla chooses to interact with IOTA, the company will benefit from the vast collection of IOTA’s services. So why isn’t Elon focusing his energy on a coin which could have an actual impact on his company?

Why is Elon Not Interested in Tesla?

IoTA is Not a Memecoin

When asked why he is not interested in currencies other than Dogecoin, Elon responded that they do not have memes on Twitter. But, generally, Elon has been interested in crypto tokens and assets like Dogecoin and several other meme coins.

Elon stated that IoTA and other assets do not have memes and dogs, and he is interested in coins that bring about memes. Elon has been posting tweets and comments about the meme tokens, and his word has led to great growth in the crypto industry. 

Investment Prospects

It is the goal of every investor to maximize their income by investing in the best assets. Elon’s intention of investing in Bitcoin earlier was to create vast opportunities for maximizing the user’s income; as such, Elon and Tesla made their investment when the coin was gaining value. 

After losing interest in Bitcoin, Elon switched interest to Dogecoin and started pumping the prices of the coins. Generally, his mission was to create a vast amount of income for the crypto community and increase his earnings from any changes in prices. 

Therefore, as an investor, Elon is not interested in the IoTA cryptocurrency and network because he does not see earning opportunities. However, IoTA is an excellent crypto asset, and it’s very relevant for all kinds of investors. 

No Plans of using Blockchain in Cars

Tesla has never made any plans to use blockchain technology in their cars. Instead, the company has been focused on using crypto assets as payment methods but not enjoying the underlying technology. 

IoTA’s main role in Tesla would be providing blockchain technology, and IoT linked to the blockchain. However, currently, Tesla is not interested in the blockchain IoT. Thus they do not need IoTA.  

Conclusion 

As the Tesla company continues to show interest in crypto, with their leader Elon musk investing vastly in crypto, questions have arisen as to why they are not interested in other currencies. Generally, Elon Musk being a crypto enthusiast, has been interested in many crypto assets, including Bitcoin and Dogecoin. 

Elon has been particularly interested in Dogecoin and its class of assets recently because they provide jokes, memes. However, although IoTA as a currency offers vast options for the automotive industry, Tesla has not shown any interest in embedding blockchain to their cars. If Tesla decides to implant blockchain technology, then IOTA should be the first option for them.

Adam is an outgoing young lad who likes adventures and discovering new things. Despite his boring life, he loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.