Tesla Hints To Reintroduce Crypto Payment Soon As BTC Trades Over $60k Again.

Tesla Hints To Reintroduce Crypto Payment Soon As BTC Trades Over $60k Again.

2021-10-26 | Selina Mathew

Tesla Hints To Reintroduce Crypto Payment Soon As BTC Trades Over $60k Again.

Tesla, the major electric vehicle manufacturer led by Dogecoin convert Elon Musk, has hinted that it may soon reintroduce crypto payment functionality. Tesla stated in a September quarterly filing with the Securities and Exchange Commission (SEC) that it "may continue the act of exchanging cryptocurrencies in the future," implying that the company intends to continue to facilitate purchases made using computerized assets. Tesla just announced that Bitcoin would be accepted as a payment method for electric vehicle purchases made between January and March of this year. Tesla will also contribute $1.5 billion in Bitcoin during the first quarter of 2021, indicating that the step is necessary for a wider acceptance of Bitcoin by the company. The corporation also stated that it believes in crypto assets as a long-term store of value and method of payment, saying: Tesla CEO Elon Musk said in June that once at least half of the Bitcoin network's hash rate is powered by renewables, the company will consider restarting support for Bitcoin payments. However, after the corporation was chastised for supporting Bitcoin despite claims that mining proof of work had a harmful impact on the environment, support for Bitcoin was swiftly withdrawn. Tesla's market capitalization has topped $1 trillion following a major transaction with auto rental business Hertz, according to the article. For the first time, Tesla's stock price increased by roughly $1,000. Elon Musk stated this weekend, much to the chagrin of Shiba Inu Coin holders, that he only holds Bitcoin, Ethereum, and Dogecoin. Shiba Inu Holder tweeted Elon Musk on Monday, wondering how many SHIB he had, to which Musk answered, "None." “I bought ASCII hash chains dubbed ‘Bitcoin, Ethereum, and Doge' out of curiosity. "This is it," he continued. Telsa has hinted that it may soon restart support for cryptocurrency transactions. Check out the most recent Business news updates for all the newest news and stories.

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