Tesla plans to accept Bitcoin (BTC) as a payment method again

Tesla confirms its intention to accept payments in Bitcoin (BTC)

Tesla is considering accepting Bitcoin (BTC) payments again. In its quarterly filing with the Securities and Exchange Commission (SEC), the US federal financial market regulator and supervisor, the automaker reaffirmed its interest in cryptocurrencies.

“We have accepted Bitcoin as a means of payment for the sale of some of our products in specified regions, subject to applicable laws, and we have suspended this practice in May 2021. We may in the future resume the practice of transactions in cryptocurrencies (“digital assets”) for our products and services, ”Tesla says in the filing.

The company, which has just exceeded 1000 billion in market capitalization, does not say more about the return of this means of payment. Last March, Tesla had accepted Bitcoin payments in the United States for several weeks before changing its mind.

Under pressure from shareholders, the firm founded by Elon Musk was forced to suspend payments in crypto-assets. To justify his turnaround, Tesla put forward ecological concerns. The electric car maker said it was concerned about the environmental impact of Bitcoin mining.

A few weeks later, however, Elon Musk committed to unlocking Bitcoin payments as soon as mining relies primarily on green and renewable energy. To accelerate the transition, the entrepreneur has also met several North American miners under the leadership of Michael Saylor, CEO of MicroStrategy and unwavering support of cryptocurrencies.

Shortly after this exchange, the billionaire admitted that the mining industry had already made significant efforts to reduce its carbon footprint. Elon Musk then hinted that Tesla would quickly resume cryptocurrency payments. Note that a recent study also ensures that Bitcoin will only represent 0.9% of all carbon emissions in 2030.

πŸ‘‰ Also read: Elon Musk responds to pump & dump accusations and talks about the future of Bitcoin at Tesla

Tesla continues to believe in the future of cryptocurrency

More generally, Tesla’s quarterly filing with the US market policeman confirms the company’s confidence in the future of digital currencies. Despite the turnaround last May, Tesla continues to openly proclaim his interest in the oldest cryptocurrency.

β€œWe believe in the long-term potential of digital assets both as an investment and also as an alternative to cash,” explains Tesla.

For the record, Tesla invested $ 1.5 billion in Bitcoin at the start of the year. Thanks to the rise in the price of Bitcoin, the company’s cryptocurrency reserves have grown in value in recent months. Tesla thus managed to generate a capital gain of one billion dollars on its initial investment.

πŸ‘‰ On the same subject – Screening – What if… Tesla sold all of its bitcoins (BTC)?

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About the author: Florian Bayard

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