India, which currently has a foothold in the cryptocurrency market, has not yet developed meaningful strategies to grow this industry. However, some of these businesses are distinctive. An Indian technology giant called Tech Mahindra wants to become the Tesla of its home nation.
According to Mahindra Group Chairman Anand Mahindra, people may soon be able to buy the manufacturer's vehicles using Bitcoin.
Not yet. But maybe bit by bit in the future.. https://t.co/pQS0ZQ52Qf
— anand mahindra (@anandmahindra) April 20, 2023
Anand Mahindra responded to a tweet wondering if Bitcoin could be used to pay for the vehicles. He claimed that buying Mahindra vehicles using Bitcoin would become an option in the future. It portends a time when people in India may buy a car using Bitcoin or other cryptocurrencies.
The interest of the corporation in cryptocurrencies and blockchain technology is growing. With the potential of blockchain and the metaverse growing, Tech Mahindra has entered the space and is leading the advances. One of the first institutions in India to welcome the cryptocurrency sector was Kotak Mahindra Bank.
Additionally, it was claimed that Anand was earning millions from Bitcoin investments. But he refuted all claims that he had invested even a single rupee in cryptocurrencies.
Due to intense regulatory pressure and a heavy tax burden, the crypto environment in India is still unknown, but businesses and investors are still looking into it.
The price of one bitcoin is currently $28,800. The cost of the more expensive variants, like the XUV 700, ranges from $24,000 to $36,000. When the value of Bitcoin rises, it will become more affordable to purchase a vehicle using Bitcoin.
Bitcoin is accepted by well-known automakers like Audi, BMW, Mercedes-Benz, and Porsche. Tesla accepts Bitcoin for its cars, however the payment option will be discontinued in 2021. On the other hand, Tesla's balance sheet shows $184 million in bitcoin.
Even the initial batch of NFTs with a Thar Superhero motif was released by the manufacturer. A record price of more than $13,300 was paid for the Thar NFT, which is almost exactly what the Thar actually cost.