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Tesla could resume support for crypto payments soon

26 Oct 2021 : 08:17
2 min read
  • Tesla could start supporting cryptocurrency payment options again
  • The electric vehicle manufacturer suspended the Bitcoin payment option earlier this year
  • Tesla still holds Bitcoin in its balance sheet despite Musk’s criticism of the cryptocurrency

Tesla suspended its crypto payment option earlier this year.

Tesla hints at accepting cryptocurrencies again

Electric car manufacturer Tesla has hinted that it could soon resume support for cryptocurrency payments soon. This comes after the company suspended its crypto payment option a few months ago.

In a September quarterly filing with the United States Securities and Exchanges Commission (SEC), the leading electric vehicle manufacturer said it might in the future restart the practice of transacting in cryptocurrencies.

The company also talked about its belief in cryptocurrencies as a store of value and a means of payment. Tesla said, “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

Tesla still holds Bitcoins

The electric car manufacturer was accepting Bitcoin as payment for its vehicles. However, Tesla suspended this option due to Bitcoin’s alleged high energy usage, which is mostly non-environmentally friendly.

In June, Tesla CEO Elon Musk has said the electric vehicle manufacturer is open to resuming bitcoin transactions again if miners would commit to using renewable energy to mine BTC and other cryptocurrencies.

Elon Musk had attacked Bitcoin on numerous occasions, focusing on its proof of work protocol and the high energy usage. He even claimed Dogecoin could do a better job at payment than Bitcoin and Ether.

Despite suspending the BTC payment option and attacking the cryptocurrency, Musk said Tesla and his other company, SpaceX, still hold bitcoins in their balance sheets. Tesla is one of the leading corporate entities in the United States to hold BTC in its balance sheet. MicroStrategy is the largest BTC holder, with over 114,000 bitcoins on its balance sheet.

 


Hassan Maishera

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