Tuesday, February 27, 2024

Tesla has hinted that it may soon reinstate crypto payment functionality

Founder of Tesla, Elon Musk, and the company still appear to be optimistic about crypto payments. The company indicated that it might begin transacting in digital currencies for its services and products in the future.

The car manufacturer also mentioned that in the 9 months ending on September 30, they have purchased Bitcoin worth 1.5 billion USD. Musk, a big supporter of Dogecoin has hinted that the company may soon restore its functionality for crypto payments.

The firm mentioned their plan while their quarterly filing with the Securities and Exchanges Commission of the United States. They revealed the idea of restarting the practice of cryptocurrency transactions in the future. The plan suggests the company could resume backing the practice of transactions made using digital assets.

Support for Bitcoin

Tesla also reiterated their belief in the ability of the crypto assets as a means of payment and store of value. In the past, the company had accepted BTC as payment for purchasing electric vehicles in the months of January to March this year. The step came as a part of the company’s wider acceptance of Bitcoin. After all, the company is also investing 1.5 billion USD worth of BTC during the 2021 first quarter.

However, the company quickly backed away from supporting Bitcoin after facing criticism for supporting the digital currency. In June this year, Musk hinted that his company might contemplate resuming support for the cryptocurrency payments after renewal energy powers a minimum of 50 percent of its network hash rate.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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