Just-In: Mahindra Hints At Buying Automobiles With Bitcoin In India

Mahindra Group Chairman Anand Mahindra on Thursday said people might soon be able to buy Mahindra automobiles with Bitcoin. While the crypto landscape remains uncertain in India due to strict regulatory pressure and tax burden, investors and companies continue to explore the crypto market.

Anand Mahindra replied to a tweet on whether Mahindra cars can be purchased with Bitcoin. He said there may be a possibility to buy Mahindra cars with Bitcoin in the future. It hints at a potential future when people in India can buy a car with Bitcoin or other cryptocurrencies.

Mahindra Group’s Crypto and Blockchain Presence

Bitcoin price currently trades at 23.80 lahks (approx. $29,000). Mahindra’s top model cars such as the XUV 700 cost between 20-30 lakhs. As Bitcoin price continues to rise, it will become cheaper to buy a car with Bitcoin.

Mahindra Group of companies are more inclined towards crypto and blockchain. Tech Mahindra has entered the blockchain and metaverse space, leading the advancements amid rising potential of these future technologies. Kotak Mahindra Bank became one of the first banks to open its doors to the crypto market in India.

Anand Mahindra was also rumored to be making millions by investing in Bitcoin. However, he dismissed all reports claiming that he hasn’t invested a single rupee in cryptocurrencies.

Mahindra & Mahindra even collaborated with Tech Mahindra to launch its first batch of Mahindra Thar Superhero-themed NFTs. The Thar NFT was sold for record 11 lakhs, which is almost equal to the Mahindra Thar cost.

Leading automobile companies such as Audi, BMW, Mercedes, and Porsche accept Bitcoin. Tesla also accepted Bitcoin for Tesla vehicles but discontinued its program in 2021. However, Tesla holds Bitcoin worth $184 million on its balance sheet.

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