Tesla, the prominent supplier of electric vehicles headed by Dogecoin (DOGE) enthusiast Elon Musk, has implied that the company may shortly look to bring back support for crypto payments.
In a September quarterly filing with the US Securities and Exchanges Commission, Tesla specified it “may in the future again use the practice of transacting in cryptocurrencies,” which hints at Tesla looking to resume support purchases using digital assets.
The company likewise indicated its belief in crypto assets as a means of payment and store of value, saying:
“We believe in the long-term development of digital assets both as a liquid alternative to cash and also as an investment.”
Tesla previously supported Bitcoin as payment for car acquisitions between Jan. and Mar. of this year. The decision made was part of a wider acceptance of Bitcoin (BTC). To prove this adoption, the company invested $1.5 billion of its treasury into Bitcoin during the 1st quarter of 2021.
Nevertheless, approval for Bitcoin was soon set aside after the company faced criticism for accepting Bitcoin regardless that proof-of-work mining negatively impacts the environment.
In June, Musk specified that Tesla would consider restoring support for Bitcoin settlements when fifty percent of the BTCs network hash rate is powered by sustainable energy.
The report comes during news that Tesla’s market capitalization reached $1 trillion after securing a deal with car rental business Hertz. Also, Tesla’s share price rallied $1,000 for the first time.
Sadly to Shiba Inu (SHIB) holders, Musk tweeted this weekend that he only holds DOGE, Ether (ETH), and Bitcoin.
Earlier this week, Twitter user Shiba Inu Hodler tweeted to Musk. He asked just how much SHIB Musk is holding, to which he responded, “None.”
“Out of curiosity, I bought some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it,” he added.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.