Tesla informs the Securities and Exchange Commission that it may restart cryptocurrency transactions.
Elon Musk's electric car company, Tesla, has informed the US Securities and Exchange Commission (SEC) that it may resume using cryptocurrencies to pay for its goods and services in a quarterly filing. In May, Tesla said that it will no longer take bitcoin due to environmental concerns.
Tesla may reintroduce Bitcoin acceptance, SEC Filing Shows
The Securities and Exchange Commission (SEC) received Tesla Inc.'s quarterly report on Monday.
The corporation stated that it "bought an aggregate of $1.50 billion in bitcoin" in the nine months ending Sept. 20. Tesla's balance sheet shows bitcoin at $1.26 billion in its Q3 earnings report, despite reporting bitcoin-related impairments in the previous two quarters.
The SEC filing further states that, Tesla "accepted bitcoin as a payment for sales of certain of our products in specific regions, subject to relevant legislation" during the three months ended March 31. The corporation did say, however, that it "stopped this practise in May 2021." Tesla went on to say:
We may resume using cryptocurrencies (also known as "digital assets") to pay for our products and services in the future.
The electric car company stated that it "delayed vehicle purchases using bitcoin" due to "concerns about the rapidly expanding use of fossil fuels for bitcoin mining and transactions, particularly coal, which has the worst emissions of any fuel."
Elon Musk, the CEO of Tesla, then attempted to persuade bitcoin miners to adopt renewable energy. He met with North American bitcoin miners in May, and the two founded the Bitcoin Mining Council to "promote energy usage transparency and accelerate sustainability measures around the world."
"Tesla will resume permitting bitcoin transactions when there is confirmation of fair (50 percent) renewable energy usage by miners with a favourable future trend," Musk tweeted in June.
"It appears that Bitcoin is going a lot more toward renewables," he said at the "B Word" event in July. "A bunch of the heavy-duty coal facilities that were being used... have been shut down, especially in China." "I'd like to perform a little more due diligence to confirm that the amount of renewable energy usage is most likely at or over 50%, and that there is a tendency toward increasing that number," he continued. If that's the case, Tesla will almost certainly resume taking bitcoin.”
While Tesla only accepted bitcoin, Musk polled his Twitter followers in May to see if they thought Tesla should accept dogecoin (DOGE). Tesla's acceptance of the meme cryptocurrency received 78.2 percent of more than 3.9 million votes. Musk has stated that he holds bitcoin, ether, and dogecoin on his personal account. Tesla and SpaceX, on the other hand, solely own bitcoin.
Do you think Tesla will start accepting bitcoin again soon, and will it also accept dogecoin?