Thursday, January 20, 2022
Home Business News Tesla "most likely" start accepting cryptocurrency again as payment method

Tesla “most likely” start accepting cryptocurrency again as payment method

Tesla may soon resume accepting crypto payments.

Tesla automakers may begin accepting cryptocurrency soon. The disclosure came in last month’s quarterly filing with the U.S. Securities and Exchanges Commission. The automobile manufacturer could restore its support as it believes digital assets could turn out as a “liquid alternative to cash” in the long run.

Tesla adopted BTC as a form of payment earlier at the beginning of the year. Meanwhile, they acquired $1.5 billion in bitcoin. In the second quarter, the value of BTC surged, and the value of their holdings increased to almost $3 billion. Later the value of most cryptos dropped.

Less than four months after adopting bitcoin in their systems, CEO Elon Musk stunned crypto investors by suspending Bitcoin (BTC) payments citing environmental concerns.

Over two months after Elon Musk suspended the payment using bitcoin, he indicated that the carmaker would consider resuming support for the crypto payments again. If at least half of Bitcoin’s network hash rate is powered by renewable energy, the decision will apply.

The leading automobile manufacturer cracks $1 trillion market cap

The development comes as Tesla’s market valuation goes to the roof. On Monday, the firm breached a trillion dollars in market capitalization. Tesla became a publicly traded firm over ten years ago, and the firm is thrilled with the achievement. They are now the fifth company in the U.S. to join the over $1 trillion circle. The other four include Apple, Amazon, Facebook, and Google.

Last month Tesla CEO Elon Musk said the U.S. government should not regulate the crypto market since it will deter their progress. However, Musk still believes it is impossible to tear down digital assets.

Musk spoke these words on stage at the Code Conference in Beverly Hills, California. He was answering a question from Silicon Valley’s influential journalist Kara Swisher. The journalist further asked whether the U.S. state should be associated with regulating crypto space. Musk insisted that the government should keep its hands off and allow cryptos to fly.

Influencing crypto space

Elon Musk, who has about 60 million followers on Twitter, impacts the world of cryptocurrency significantly. His witty tweets on digital assets lead the prices to soar or stumble. He has influenced cryptos like BTC, DOGE, and SHIB. Recently he disclosed not having any Shiba Inu coins


What factors pushed inflation in the US to the highest level in nearly 40 years?

The increase in inflation over the same period was the highest since June 1982. Inflation increased in the context of a lack of supply...

The US proposed a new tax law, Elon Musk joins chorus of billionaires complaining.

The billionaire tax plan proposed by Senate Finance Chair Ron Wyden forces billionaires to pay taxes on their biggest source of income: stocks. Earlier this...

Facebook Papers – Facebook hit the biggest crisis ever. Is this the end of an empire?

Facebook has been denounced by employees, had a media crisis and had to testify. Now, they face all three problems at the same time. Facebook...


Please enter your comment!
Please enter your name here

Most Popular

IT guy automates all his work, only works for 10 minutes every day and then plays games, still receives $90k a year

"For a while I felt guilty, like I was ripping the law-firm off, but eventually I convinced myself that as long as everyone is...

A letter to Elon Musk by a media mogul: Work to live or live to work?

The media mogul said that Elon Musk's 120-hour work week cannot change the world, is too outdated and unscientific. 2018 is known to be the...

Aspired to retire at 30, the 22-year-old saves and enjoys life at the same time: ‘I realized that the money I have now is...

If he continues to save and invest as he is now, it is likely that Aaron Brock will achieve that goal. In late 2020, Aaron...

Millionaire Jay Leno reveals why he’s still working at 71: “I don’t want to be a rich guy sitting in the pool all day”

Instead of relaxing by the pool and enjoying a huge fortune, millionaire Jay Leno still works hard and earns money. From his first job as...

Recent Comments