Tesla may once again accept cryptocurrency payments, according to sources

Tesla intimated in its third quarterly report filing with the US Securities and Exchange Commission that it may resume accepting bitcoin payments (SEC). Tesla accepted Bitcoin payments for specific items and services throughout the first half of this year, up until May. Elon Musk, the CEO of Tesla, even questioned his Twitter followers in May if the electric car firm should begin taking Dogecoin payments. Later that month, however, the practice of accepting cryptocurrencies was put on hold.

In its filing, the world’s most valuable EV brand stated, “We may in the future recommence the practise of transacting in cryptocurrencies (“digital assets”) for our products and services.”

It is still unknown when Tesla will begin taking Bitcoin payments in the near future.

The corporation, which is valued at over $1.01 trillion (approximately Rs. 74,96,251 crore), also told the US authorities that it spent $1.5 billion (about Rs. 11,244 crores) on Bitcoins in the nine months that ended on September 30.

Tesla has stated that it believes cryptocurrencies are a viable alternative to cash since Musk has been an outspoken advocate of digital currency.

“We believe in the long-term potential of digital assets as an investment as well as a liquid alternative to cash,” the EV firm said in its SEC filing.

According to CoinDexLab, Tesla is the world’s second-largest corporate Bitcoin holding. Musk revealed in July that the electric vehicle corporation possessed roughly BTC 42,069.

Tesla CEO Elon Musk has been outspoken in his support for the cryptocurrency movement.

Musk stated earlier this month that cryptocurrencies cannot be destroyed at this time, implying that the field is poised for massive worldwide development.

In the past, the billionaire has stated that once bitcoin mining turns to sustainable energy, his enterprises would be more receptive to accepting crypto payments.

China has issued a blanket ban on crypto-related activity.
One of China’s key worries was the negative environmental effect, high energy usage, and carbon footprint of Bitcoin and other altcoin mining.

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