Will Tesla support payments in crypto?
There is some great news for Tesla fans and cryptocurrency supporters! Even though Tesla halted cryptocurrency payments for their automobiles in May, they announced some interesting information in a quarterly filing to the Securities and Exchange Commission in September (SEC). In this article, you’ll understand if you can buy a Tesla auto with bitcoins and what the corporation thinks about cryptocurrency.
In May, the bitcoin exchange rate dropped dramatically following Tesla founder Elon Musk’s announcement that the company will no longer accept bitcoin as payment. Because of the increasing usage of fossil energy sources, especially coal, Tesla has halted the possibility of buying electric automobiles for bitcoins. The firm committed not to sell bitcoins or execute cryptocurrency transactions. Elon Musk, the company’s CEO, disclosed this on Twitter. On the other hand, Elon Musk stated in July that Tesla might reconsider supporting bitcoin payments if at least half of the network’s hash rate was fueled by renewable energy sources. As a result of Musk’s comments, the value of Bitcoin dropped by more than 17%, to 46.2 thousand dollars.
However, with the SEC’s recent excellent news about the crypto sector and the rising rates of leading cryptocurrency and altcoins, Tesla reconsidered. According to their quarterly filing to the SEC in September “In the future, we may resume the practice of digital asset transactions for our products and services,” the application states, adding, “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.” The business confirmed the purchase of bitcoins for $ 1.5 billion in February of this year, and at the end of March, it stated that it will begin selling electric automobiles for bitcoins. Tesla also sold $272 million in bitcoins for a profit of $100 million in late March. As of September, the corporation has 43 thousand bitcoins worth $1.8 billion.
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Valentyna Bereza, Team bit4you.