Mahindra & Mahindra chairman confirmed that the company will adopt Bitcoin payment in its product services.
Mahindra & Mahindra Limited (M&M) is an Indian multinational automotive manufacturing corporation headquartered in Ludhiana. This vehicle manufacturer company was founded in 1945 as Mahindra & Mohammed but later renamed Mahindra & Mahindra. Mahindra company is popular in India for its Mahindra Tractors. In 2018, M&M was ranked 17th on a list of top companies in India by Fortune India.
On 20 April 2023, A Crypto Twitter user asked Mahindra chairman Anand Mahindra if we can buy a Mahindra car with Bitcoin payment.
Anand Mahindra responded and confirmed that Bitcoin payment support is not available at the present time but surely in the future it will be available.
Another Indian crypto YouTuber suggested to the Mahindra chairman that if the company starts to accumulate Bitcoin from today through payment services for vehicle products then the company will gain a better amount of profit in the upcoming years.
Tesla adds Bitcoin payment
In 2021, the most popular electric vehicle manufacturing company Tesla announced acceptance of Bitcoin payment for car products.
That news acted as a catalyst to pump Bitcoin price rapidly but later Tesla suspended Bitcoin payments citing high network fees & high network-confirmed waiting process.
At present, Tesla is holding $184 million worth of Bitcoin on the company’s balance sheet.
Once in Q2 2021, Tesla CEO Musk said that he will again bring Bitcoin payments under Tesla’s roof when Bitcoin mining will run on more than 50% of sustainable energy.
At present, more than 55% of Bitcoin mining takes place on green & sustainable energy sources but still Musk is not ready to talk about Bitcoin payment for Tesla products.