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Tesla may resume accepting digital currencies

Tesla believes that digital currencies can be a “simple alternative to cash” in the long run. This has fueled speculation that Tesla will re-adopt digital currencies.

to the Report Quotes from Tesla, a major maker of electric vehicles, have raised the possibility that the company will soon resume digital currency payments, according to Coin Telegraph.

The quarterly archived documents of the United States Securities and Exchange Commission (SEC) in September show that Tesla has announced that it “may resume accepting digital currencies in the future.” This indicates that Tesla wants to back up digital assets for its purchases.

In addition, Tesla has stated that it believes that in the long run, digital assets are a means of maintaining value and a means of payment. The company has stated:

We believe that in the long run, digital currencies have both the potential to be invested and can be used as a simple alternative to cash.

Previously, Tesla had used Bitcoin as a method of payment for purchases related to its electric machines from January to March 2021 (December to March 2016). This was just part of Tesla’s widespread acceptance of bitcoin; In the first three months of 2021 (December 99 to April 1400), the company invested about $ 1.5 billion of its treasury balance in bitcoin.

However, it stopped supporting bitcoin immediately after Tesla faced criticism that the method of extracting proof of work had a negative impact on the environment.

In June 2021, Elon Musk announced that Tesla would support bitcoin again when at least half of the digital currency’s network hash rate was met with renewable energy.

The report coincided with news that Tesla had signed a major deal with car rental company Hertz. These led to a market value of Tesla up to $ 1 trillion and a stock price of up to $ 1,000 for the first time.

Despite the shock and frustration of Shiba Ino Coin owners, Ilan Musk tweeted this week that he only has Bitcoin, Ethereum and Dodge Coin.

On Monday, a Twitter user named Shiba Inu Holder asked Ilan Musk how much Shiba Inu holds. “Nothing,” Ilan Musk replied.


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