Elon Musk’s electric car company, Tesla, told the U.S. Securities and Exchange Commission (SEC) in a quarterly filing that it could resume the practice of trading in cryptocurrencies for its products and services. Tesla suspended the adoption of bitcoin in May citing environmental concerns.
Tesla may start accepting bitcoins again, SEC filing show
Tesla Inc. on Monday submitted a quarterly report to the U.S. Securities and Exchange Commission (SEC).
The company explained that in the nine months ending September 20, it had “purchased a total of $ 1.50 billion in bitcoin.” After reporting bitcoin-related volatility over the past two quarters, in its Q3 earnings report, Tesla’s balance sheet shows য়ে 1.26 billion worth of bitcoin.
The SEC filing further states that within three months of the end of March 31, Tesla “accepted Bitcoin as payment for the sale of some of our products in certain territories, subject to applicable law.” However, the agency noted that it “suspended this practice in May 2021.” Tesla continues:
We may in the future resume the practice of trading in cryptocurrency (‘digital assets’) for our products and services.
The electric car company, whose market cap hit $ 1 trillion for the first time this week, explained that it had “suspended vehicle purchases using Bitcoin” due to concerns “about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, any fuel.” The worst emissions. “
Tesla CEO Elon Musk then tried to persuade bitcoin miners to use renewable energy. In May, he spoke with Bitcoin miners in North America, after which they “formed a Bitcoin Mining Council to promote transparency in energy use and accelerate global sustainable initiatives.”
In June, Musk tweeted: “When reasonable (~ 50%) clean energy use is confirmed by miners with a positive future trend, Tesla will resume allowing Bitcoin transactions.”
At the “B Word” event in July, he said: “Bitcoin seems to be shifting more towards renewables and a bunch of heavy-duty coal plants that were being used… shut down, especially in China.” He added: “I want to work a little harder to make sure that the percentage of renewable energy use is probably 50% or more and that there is a tendency to increase that number. If so, Tesla will probably start accepting bitcoin again.”
Although Tesla only accepts bitcoins, Musk conducted a survey on Twitter in May asking his followers if Tesla should accept DOGE. 78.2% of the more than 3.9 million votes cast were in favor of accepting cryptocurrency in Tesla memes. Musk recently confirmed that he personally owns Bitcoin, Ether and Dozcoin. Meanwhile, his company, Tesla and SpaceX only own Bitcoin.
Do you think Tesla will soon accept Bitcoin again and do you think the company will also accept Dozcoin? Let us know in the comments section below.
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