Tesla, led by CEO Elon Musk, has stated that it “may in the future restart the practise of transaction with cryptocurrencies.” The information was disclosed in a quarterly filing with the Securities and Exchange Commission in September.
“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” the company said.
Tesla offered customers the opportunity to pay for electric vehicles using Bitcoin from January to March 2021, and invested $1.5 billion of its treasury in Bitcoin during the first quarter of the year.
However, environmental problems impeded efforts to secure Bitcoin as a payment method, with the cryptocurrency’s poor environmental record drawing widespread condemnation.
This summer, Musk stated that if Bitcoin became more reliant on renewable energy and at least half of its hash rate came from renewables, the company might restart Bitcoin transactions.
Following a contract with auto rental business Hertz, Tesla’s market valuation topped $1 trillion this week. It became the fifth corporation to achieve $1 trillion in revenue.
Tesla’s stock price soared by 12.6 percent, reaching a historic high of nearly $1,000.
Musk has had a large influence on the success or failure of cryptocurrencies such as Bitcoin and Shiba Inu Coin, which plunged by 20% over the weekend after Musk revealed that he held zero Shiba Inu coins.
Musk claimed to hold solely Bitcoin, Ethereum, and Dogecoin: “I bought some ascii hash strings labelled ‘Bitcoin, Ethereum, and Doge’ out of curiosity.” “That’s all there is to it,” Musk stated on Twitter.
Musk then warned crypto aficionados not to put their money into meme coins like Shiba Inu or Floki Inu, which are named after his own Shiba Inu puppy, Floki, which he debuted to the public in September.
“As I’ve already stated, don’t bet the farm on cryptocurrency!” “True value is creating products and offering services to your fellow humans, not money in any form,” Musk stated.