Tesla Suggests It May Resume Accepting Payments In Bitcoin Or Other Cryptocurrencies

October 26, 2021 5:58 am
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Tesla Suggests It May Resume Accepting Payments In Bitcoin Or Other Cryptocurrencies

Electric vehicle maker Tesla Inc. (NASDAQ:TSLA) has hinted it may restart transactions in cryptocurrencies such as Bitcoin (CRYPTO: BTC) in the future.

What Happened: Tesla said in a September quarterly filing with the U.S. Securities and Exchange Commission that it may in the future restart the practice of transacting in cryptocurrencies for its products and services.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” the Elon Musk-led company said.

See Also: Tesla Q3 Earnings Recap: Revenue Up 57% To $13.8B, Model Y Production On Track, Still Holding Bitcoin

Why It Matters: Tesla started to accept payments for its vehicles with Bitcoin in March after it purchased $1.5 billion worth of the apex cryptocurrency in February.

The company suspended vehicle purchases with Bitcoin in May, citing concerns about the cryptocurrency’s environmental impact.

Musk, a big proponent of Dogecoin (CRYPTO: DOGE) and other cryptocurrencies, has said that Tesla might restart Bitcoin transactions if the cryptocurrency became more reliant on renewable energy.

Tesla on Monday surpassed the market capitalization of $1 trillion after the company said it won an order for 100,000 electric vehicles from car rental company Hertz Global Holdings Inc. (OTC:HTZZ).

Price Action: Tesla shares closed almost 12.7% higher in Monday’s trading at $1,024.86.

Bitcoin is down almost 0.4% during the last 24 hours, trading at $62,272.84 at press time.

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