Sunday, June 16, 2024

Tesla May Once Again Accept Crypto As Payment

Tesla has officially said it may “restart the practice of transacting in cryptocurrencies,” although it has not provided a timeline.

Tesla became one of the first major companies to accept bitcoin as payment for its products. The company’s decision was hailed as a big win for crypto, but the victory was short-lived. Due to concerns over the environmental impact of bitcoin mining, the company suspended its crypto transactions after just a couple of months.

In a filing with the SEC, however, Tesla says it may once again accept crypto at some undisclosed point in the future.

“During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin,” the company writes. “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. We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services”

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