Indian multinational corporation Mahindra Group is exploring the possibility of accepting Bitcoin as a payment option for its automobiles. Chairman Anand Mahindra hinted at the potential for customers to buy Mahindra cars with Bitcoin in the future. This development comes as investors and companies continue to explore the crypto market despite the strict regulatory pressure and tax burden in India.
Not yet. But maybe bit by bit in the future.. https://t.co/pQS0ZQ52Qf— anand mahindra (@anandmahindra) April 20, 2023
The current price of Bitcoin is approximately $29,000, while Mahindra’s top models such as the XUV 700 cost between 20-30 lakhs. As the price of Bitcoin continues to rise, it may become cheaper for customers to purchase a car with cryptocurrency.
Mahindra Group has shown a strong interest in crypto and blockchain technologies. Its subsidiary, Tech Mahindra, has ventured into the blockchain and metaverse space, while Kotak Mahindra Bank was one of the first banks to open its doors to the crypto market in India.
In addition, Mahindra & Mahindra has collaborated with Tech Mahindra to launch its first batch of Mahindra Thar Superhero-themed NFTs. These NFTs were sold for a record 11 lakhs, almost equivalent to the cost of a Mahindra Thar.
leading automobile companies such as Audi, BMW, Mercedes, and Porsche have already started accepting Bitcoin, and Tesla also accepted Bitcoin for its vehicles before discontinuing the program in 2021. Nevertheless, Tesla still holds Bitcoin worth $184 million on its balance sheet.
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