Electric car maker Tesla is likely to start accepting Bitcoin for its cars, details filed with the US Securities and Exchange Commission show.
Tesla pointed out the possibility of accepting payments in cryptocurrencies in financial details related to its first purchase of Bitcoin, which were added in the company description 10-Q filing with the US regulatory agency.
The company said its Bitcoin purchase was worth $ 1.5 billion.during the nine months ending September 30, 2021. ” During this period, the company also accepted Bitcoin as payment for some of its products for three months through March 31, 2021.
However, although the transactions were completed in accordance with applicable law, Tesla notes that the practice (adopting BTC) was suspended in May.
The company now sees the possibility of enabling customers to pay with Bitcoin or other digital assets in the future, according to a document published on Monday, October 25, 2021.
“We can resume the practice of transactions in cryptocurrencies for our products and services in the future“Tesla said in the report.
Tesla’s SEC filing also confirmed the company’s view on digital assets, which the automaker said could provide long-term investments and serve as an alternative to cash.
Bitcoins mining problems
In May, Tesla CEO Elon Musk said the company will no longer accept Bitcoin for its vehicles, citing the cryptocurrency’s heavy reliance on fossil fuels for mining as an environmental issue that needs to be addressed.
While Bitcoin enthusiasts and aficionados were quick to blow up the tech billionaire for reckless comments and misunderstandings about Bitcoin mining, he promised Tesla would again accept BTC if fossil fuel consumption drops by up to 50%.
Bitcoin has gone increasingly green in the face of the negative migration from China and relocation to countries and locations with massive reserves of renewable energy.
Elsewhere, the price of Bitcoin rose again above $ 63,000 after falling from its all-time high of $ 67,278 on October 20.