Telsa hints it may soon resume support for crypto payments

Tesla, the majo electric vehicle maker headed by Dogecoin proelitizer Elon Musk has suggested that it might soon restore support for crypto payments.

According to a September quarterly filing with the U.S Securities and Exchange Commission (SEC), Tesla stated that it “may in future restart the practice in transacting in cryptocurrency,” which suggests that the company is looking into resuming support purchases using digital assets.

According to the company, crypto assets are a long-term investment that can be used as a store value or payment method.

“We believe in long-term potential of digital assets as both an investment and as a liquid option to cash.

Between January and March this year, Tesla accepted Bitcoin payments for electric vehicle purchase. This move was part of a wider embrace of Bitcoin by Tesla. The firm also invested $1.5 billion of its treasury in BTC in the first quarter 2021.

After being criticized for supporting Bitcoin despite the perception that proof-of work mining can have a negative effect on the environment, the support was quickly withdrawn.

Elon Musk, Tesla’s CEO, stated that he would reconsider supporting Bitcoin payments once the renewable energy-powered Bitcoin network hash rate has reached at least half its current level.

This report comes amid reports that Tesla’s market capital reached $1 trillion following a landmark agreement with Hertz, a car rental company. Tesla’s share price rose by $1k, the highest level in its history.

Related: SHIB plunges 20% after Elon Musk discloses that he doesn’t own any

To the dismay Shiba Inu Coin owners, Elon Musk posted this weekend that he holds only Bitcoin, Ethereum, and Dogecoin.

Shiba Inu Holder, a Twitter user, asked Elon Musk how much SHIB was he holding on Monday. Musk responded: “none.”

“Out of curiosity I bought some ascii haveh strings called Bitcoin. Ethereum. & Doge. He said, “That’s all.”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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