Tesla Indicates That It May Soon Restart Cryptocurrency Payment Services

Kavya  |  Oct 26, 2021

Tesla, the world’s largest electric vehicle company, led by Dogecoin promoter, Elon Musk, has indicated that it may soon attempt to restart cryptocurrency payment services. 

Elon Musk’s Tesla Might Restart Cryptocurrency Payment Services

In a quarterly filing with the Securities and Exchange Commission (SEC) in September, the company noted that it "may in the future begin the practice of dealing in cryptocurrencies," implying that Tesla is considering restarting support purchases made with digital assets.

The corporation also stated its long-term conviction in cryptocurrency assets as a store of value and a form of payment, stating:

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash."

Tesla, Bitcoin, and Crypto Space

Between January and March of this year, Tesla accepted Bitcoin as payment for electric vehicle purchases. 

The move is part of Tesla's greater Bitcoin embrace, with the company also investing $1.5 billion of its treasury into BTC during the first quarter of 2021.

However, support for Bitcoin was swiftly withdrawn when the business was chastised for promoting BTC despite the widespread belief that proof-of-work (PoW) mining had a detrimental impact on the environment.

In June, Tesla CEO Elon Musk stated that the company would consider reinstating support for Bitcoin payments provided renewable energy generated at least 50% of the Bitcoin network hash rate.

The allegation comes after Tesla's market valuation surpassed $1 trillion following a milestone agreement with auto rental business Hertz. Tesla's stock price has also risen by approximately $1000 for the first time in history.

SHIB Falls 20% When Elon Musk Says He Owns None.

Elon Musk said this weekend, to to the chagrin of Shiba Inu Coin holders, that he only holds Bitcoin, Ethereum, and Dogecoin.

On Monday, Twitter user Shiba Inu Holder asked Elon Musk how much SHIB he had in his possession, to which Musk answered, "none."

“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it,” he added.

 

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