Electric car manufacturer Tesla has just dropped hints that it might start accepting cryptocurrency payments again after its third quarterly report filing with the US Securities and Exchange Commission (SEC).
According to the filing, Tesla has purchased an aggregate of $1.5 billion worth of Bitcoin during Q1 2021. It was by the end of March that the company decided to accept Bitcoin as a viable mode of payment until it got suspended in May 2021. It was only recently that the company unveiled its plans to revive that practice. “We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services,” the filing states.
The document also reported that the company’s digital asset holdings as of September 30 was valued at $1.83 billion according to the “fair market value.” Tesla commented that they “believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
Back in July, Tesla CEO Elon Musk said that the company will consider reaccepting crypto payments once Bitcoin mining operations use more than 50% renewable energy.
But as long as there is a long-term trend toward the use of renewable energy by the community, Tesla can support that.
Elon Musk, CEO of Tesla
Tesla is known to be the second-largest corporate holder of Bitcoin with MicroStrategy taking the number one spot — holding approximately $7.1 billion worth of Bitcoin at current prices.