Tesla Confirms ‘May In Future’ Resume Bitcoin Acceptance: SEC Filing

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Electric car company Tesla stopped accepting Bitcoin as a payment option in May.

company at the time cited environmental concerns about the relocation.

In a filing with the SEC yesterday, the company said it “may restart the practice in the future.”

Tesla may start accepting Bitcoin again as payment, the company reconfirmed yesterday.

electric car company said yesterday in a filing with the SEC related to the company’s recent earnings report that it “may in the future restart the practice of trading in cryptocurrencies (‘digital assets’) for our products and services.”

After a $ 1.5 billion investment in Bitcoin in February this year, Tesla in March made Bitcoin a payment option for US customers. Only two months later, however, it stopped accepting it, citing concerns. environmental

company’s eccentric CEO Elon Musk said he was concerned about the increasing use of fossil fuels for Bitcoin mining and transactions, particularly coal. Bitcoin mining is all about using powerful computers to verify transactions on the blockchain and keep the network running smoothly. process consumes a lot of energy, however criticism of Bitcoin miners about its effect on the environment reached a fever pitch earlier this year.

But tech billionaire Ella said in June, Tesla reportedly started accepting cryptocurrency as payment as more Bitcoin miners started using clean energy. He added at the time that Tesla would “not sell” any of the Bitcoins that he had bought or received as payment.

Now more Bitcoin mining companies are trying to use clean energy to mine cryptocurrencies. This is partly due to the fact that China, where most mining operations were previously located, downed over Bitcoin mining earlier this year, prompting many companies to leave the country or close the store entirely. .

Since then, the United States has become the world leader in Bitcoin mining, with more operations using renewable energy rather than the environmentally unfriendly Chinese coal, which Musk had criticized.

Tesla and its CEO benefited from the purchase of Bitcoin. company in February bought $ 1.5 billion in the asset and made a $ 1 billion return on investment.

Read also Bitcoin tax software company TaxBit is worth $ 1.3 billion after a $ 130 million increase

“We believe in the long-term potential of digital assets as an investment and as a liquid alternative to cash,” added yesterday’s SEC document.

Elon Musk, who regularly talks about cryptocurrencies in, which often causes price swings, She said over the weekend she has a personal stockpile of Bitcoin, Ethereum, and Dogecoin.

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