Tesla Reveals Possibly to Resume Bitcoin Payments for Products
Godfrey Benjamin Oct 27, 2021 03:50
Months after it stopped accepting Bitcoin payments for its electric automobiles, American car manufacturing giant, Tesla has hinted at the possibility of continuing this pro-Bitcoin move in the near future
Months after it stopped accepting Bitcoin payments for its electric automobiles, American car manufacturing giant Tesla has hinted at the possibility of continuing this pro-Bitcoin move in the near future.
The Palo Alto-based firm revealed this in its quarterly performance report, in which it recorded a massive revenue of over $13.7 billion.
In the filing, the company maintained that it acquired $1.5 billion worth of BTC in the first quarter of the year and that it accepted the digital currency from the end to the second quarter through the third quarter.
“During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin. In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021,”
The filing also reads “we may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services.”
Tesla’s Chief Executive Officer, Elon Musk, revealed that the company was stopping accepting Bitcoin due to the environmental impacts of BTC mining. The vocal billionaire launched a series of assaults on Bitcoin’s energy usage back in the second quarter of the year, a move that contributed to the price crash the market experienced prior to the coin attaining a new ATH last week.
Despite the $23 million impairment loss reported on its Bitcoin holdings back in July, the electric automaker remains among the top institutional investors with the biggest gains since purchasing Bitcoin. Shortly after its acquisition news made the rounds, Daniel Ives, an analyst at Wedbush Securities, disclosed that Tesla smiled all the way to the bank after cashing in approximately $1 billion in profits from its Bitcoin (BTC) investment.
The market has somewhat found balance beyond the Tesla and Elon Musk influence on BTC, and Bitcoin’s price was largely unmoved by the news that the automaker may resume accepting the coin for payments soon.
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