Tesla could soon accept cryptocurrency as payment again


TL; DR Breakdown

  • You could soon pay with your digital assets at Tesla.
  • Elon Musk is shaping the world of cryptocurrency through his wittiness.

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.

The news caused the Doge Killer to plunge by 20% over the weekend. Musk revealed that he has invested in three cryptos, including Bitcoin, Ethereum, and Dogecoin.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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