Tesla Hints To Reintroduce Crypto Payment Functionality

LookTesla has hinted that it may reintroduce crypto payment functionality in the near future.

Tesla, the major electric vehicle company led by Dogecoin (DOGE) convert Elon Musk, has hinted that it may aim to reintroduce crypto payment capabilities in the near future.

Tesla noted in a September quarterly filing with the US Securities and Exchange Commission that it “may in the future restart the practice of trading in cryptocurrencies,” implying that the company is considering resuming cryptocurrency support purchases.

The corporation also stated that it believes in crypto assets as a long-term store of value and method of payment, saying:

“We feel that digital assets have long-term promise as an investment and a liquid alternative to cash.”

Between January and March of this year, Tesla accepted Bitcoin as payment for electric vehicle purchases. Tesla’s decision was part of a bigger embrace of Bitcoin (BTC), with the company also investing $1.5 billion of its treasury into BTC in the first quarter of 2021.

However, support for Bitcoin was swiftly dropped after the company was chastised for promoting BTC despite widespread belief that proof-of-work mining is harmful to the environment.

In June, Musk stated that Tesla will explore reinstating Bitcoin payment support if renewable energy accounts for at least half of the Bitcoin network hash rate. The revelation comes as Tesla’s market valuation surpassed $1 trillion following a historic agreement with auto rental business Hertz. For the first time ever, Tesla’s stock price increased by nearly $1.00.

Musk stated this weekend, much to the chagrin of Shiba Inu (SHIB) holders, that he solely has Bitcoin, Ether (ETH), and DOGE. Shiba Inu Hodler, a Twitter user, tweeted Musk on Monday, wondering how much SHIB he has, to which Musk answered, “None.” “I got some ascii hash strings dubbed ‘Bitcoin, Ethereum, and Doge’ out of curiosity.” “That’s all there is to it,” he added.


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