Tesla Hints on Accepting Bitcoin Payments Again

Tesla, the biggest electric car manufacturer, reveals in the latest filing with the Securities and Exchanges Commission (SEC) that it hasn't sold its bitcoins and they may accept BTC again for payments.

In the filing, Tesla said that in the first quarter (Q1) of 2021, they invested about $1.50 billion in Bitcoin. In addition, during the three months ended March 31, 2021, the giant carmaker noted that it accepted bitcoin as a form of payment for sales of some of its products in designated regions, subject to applicable laws, and ceased this system in May 2021.

Adding to this, Tesla said,

“We may in the future restart the practice of transacting in digital assets for our products and services. The fair market value of our bitcoin holdings as of September 30, 2021, was $1.83 billion. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

Note that Tesla accepted bitcoin for car payments, but was criticized by bitcoin skeptics for claiming to be environmentally friendly while accepting Bitcoin, which they said needs more energy.

A few months after Tesla stopped accepting BTC payments, Tesla’s CEO Elon Musk came out with a statement. He stressed that they might start accepting bitcoin payments again if 50% of bitcoin’s mining network is using renewable energy, and it is moving towards that.

However, there isn't any data that estimates how much the bitcoin mining network uses renewables. But China’s crackdown on crypto miners has significantly shifted the sentiment. As a result, those miners have now shifted to the United States and Europe.

Following this, the billionaire Elon Musk therefore may now start accepting bitcoin again, especially as Mastercard is getting into it by allowing merchants to pay using digital assets.

At the writing time, Bitcoin is trading at $62,484, according to CoinMarketCap.