News Tech and Science

Tesla may accept Bitcoin payments again

Image: Video Screenshot

Elon Musk’s electric vehicle company Tesla is likely to reintroduce and accept Bitcoin as a payment method for its products and services.

According to a document filed in connection with the company’s earnings report this week, Tesla disclosed a $1.5 billion holding in Bitcoin and stated that it may consider accepting cryptocurrency as payment.

Tesla may resume accepting cryptocurrency payments, according to its third quarterly report filed with the US Securities and Exchange Commission (SEC).

The electric vehicle manufacturer stated that it spent $1.5 billion on Bitcoin in the nine months ending September 30.

In May, Tesla suspended cryptocurrency transactions due to environmental concerns.

Musk then stated that the company will resume Bitcoin transactions once it has confirmed that miners are using reasonable amounts of clean energy.

“When there’s confirmation of reasonable (50 per cent) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk noted.

Tesla’s market cap surpassed $1 trillion for the first time earlier this week.

It is the fifth company in the United States to reach the $1 trillion mark, following Apple, Microsoft, Amazon, and Alphabet.

The rally came after Hertz, a US-based rental car company, announced that it has ordered 100,000 Tesla vehicles (worth at least $4.2 billion) for delivery by the end of 2022 as part of an ambitious plan to electrify its fleet.

The company’s global operations will benefit from new EV charging infrastructure.

Bitcoin’s price had dropped 3.88 percent in the previous 24 hours, falling below the $60,000 mark.

About the author

Jike Eric

Jike Eric has completed his degree program in Chemical Engineering. Jike covers Business and Tech news on Insider Paper.

Daily Newsletter