Tesla Mays Restart Supporting Cryptocurrency Transactions

The major electric vehicle manufacturer, Tesla, has said that in its September quarterly filing with the SEC (US Securities and Exchanges Commission), that it "may in the future restart the practice of transacting in cryptocurrencies".

Tesla says it may restart supporting cryptocurrency transactions in the future.

The major electric vehicle manufacturer, Tesla, has said that in its September quarterly filing with the SEC (US Securities and Exchanges Commission), that it "may in the future restart the practice of transacting in cryptocurrencies". This statement by the Elon Musk-led company suggests that Tesla is planning to offer its customers the option to buy their favorite electric cars with Bitcoin (BTC) and other cryptocurrencies. 

Tesla has also expressed its belief in cryptocurrencies, especially in terms of using them as a means of payment as well as a store of value.

While asserting its long-term belief in crypto assets, Tesla said:

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

It is important to note that Tesla accepted Bitcoin as a preferred mode of payment for its electric vehicles during Jan-Mar 2021. During the first quarter of 2021, the company also purchased US $1.5 billion worth of its treasury into bitcoin (BTC). However, this was shelved by the company soon after by citing the adverse environmental impact of huge carbon emissions by the Bitcoin industry due to the electricity guzzling proof of work (PoW) mining method. 

Tesla CEO Elon Musk stated in June 2021 that the company may consider resuming BTC payment support once at least half of the Bitcoin network's hash rate is powered by renewable energy. Elon Musk has revealed that he has acquired "Bitcoin, Ethereum & Doge" coins out of curiosity.

The report about Tesla rethinking transacting again in cryptocurrencies comes at a time when the market cap of Tesla has crossed the US $1 trillion mark, following its landmark deal with Hertz (a leading car rental company). For the first time ever, the price of each Tesla share has crossed US $1,000.