Tesla could accept cryptocurrency payments again, US SEC filing reveals

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Tesla could again accept payments in the cryptocurrency, as indicated in its third quarterly report with the US Securities and Exchange Commission. For the first half of this year through May, Tesla allowed Bitcoin payments for select products and services. In May, Tesla boss Elon Musk even asked his Twitter followers whether the electric car company should start accepting payments in Dogecoin. However, the practice of accepting cryptocurrencies ceased later that month.

“We may resume the practice of cryptocurrency transactions (” digital assets “) for our products and services in the future,” the world’s most valued EV brand said in its filing.

It is currently unclear when Tesla will accept Bitcoin payments in the near future.

The company, valued at over 1.01 trillion rupees (approximately 74.96.251 billion rupees), further informed the US government that it had bitcoins worth approximately in the nine months ended September 30th of this year Purchased $ 1.5 billion (approximately Rs.11,244 billion).

Also, since Musk has remained an avid supporter of cryptocurrencies, Tesla has also said that it considers these crypto coins a viable option to consider in lieu of cash.

“We believe in the long-term potential of digital assets as both an investment and a liquid alternative to cash,” added the EV company in its SEC filing.

Tesla is the second largest Bitcoin owner in the world, according to a report from CoinDexLab. In July, Musk had hinted that the EV company owns around 42,069 BTC.

Tesla CEO Musk has voiced his support for the crypto movement.

Earlier last month, Musk said cryptocurrencies cannot be destroyed now, suggesting the space is aiming for rapid global expansion.

The hundred millionaire has also said in the past that his companies would become more open to crypto payments once cryptocurrency mining switched to renewable energy.

Recently, China imposed a blanket ban on crypto activities. The negative environmental impact, high energy consumption and carbon footprint of Bitcoin and other altcoin mining were a major cause of concern for China.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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