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George Spencer

October 26, 2021

Elon Musk’s Tesla To Resume Accepting Bitcoin Payments

Elon Musk’s electric car company, Tesla, has hinted at resuming the use of cryptocurrency, especially bitcoin, to purchase any of its cars, which it had halted earlier this year.

In a recent 10-Q filing with the United States Securities and Exchange Commission (SEC), Tesla acknowledged the potential of these digital currencies and pointed that it would likely resume accepting bitcoin payments.

The electric car manufacturer said,

“We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services.”

Following Tesla’s $1.5 billion bitcoin investment earlier this year, thousands of institutional investors were moved to join the crypto industry, fueling the massive bull run at the time.

In the filing with SEC, Tesla noted that it had made that initial bitcoin purchase and the decision to accept payments in bitcoin because of its strong belief in the asset’s long-term potential “both as an investment and also as a liquid alternative to cash.”

However, the company made headlines when it abruptly stopped bitcoin payments, citing energy concerns. 

This sparked speculations within the market that it had sold off its bitcoin holdings. But a Q2 earnings report revealed that the company had not sold any of its bitcoins.

As per the recent filing, Tesla mentioned that it may also increase its crypto holdings. 

“We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions,” Tesla said.

This new development comes just a few months after Tesla’s billionaire CEO, Elon Musk, revealed at “The B Word” conference held earlier in July that the company will eventually be resuming accepting bitcoin shortly.

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Elon Musk noted that the company will move back to accepting bitcoin once crypto miners utilize more renewable energy for their activities.