Tesla thinks that in the long run, cryptocurrencies might emerge as a “liquid alternative to currency.” Tesla, the world’s largest electric car manufacturer and a proponent of Dogecoin (DOGE), has suggested that it may soon attempt to reinstate support for crypto payments.
Tesla noted in a September quarterly filing with the United States Securities and Exchange Commission that it “may in the future resume the practice of trading in cryptocurrencies,” implying that the company is considering restarting cryptocurrency support purchases.
Additionally, the corporation emphasized its long-term conviction in crypto assets as a form of payment and a store of wealth, stating:
“We believe in digital assets’ long-term potential as an investment and as a liquid alternative to cash.” Between January and March of this year, Tesla accepted Bitcoin as payment for electric car sales. The move is part of Tesla’s greater embrace of Bitcoin (BTC), with the company also investing $1.5 billion of its treasury in BTC during the first quarter of 2021.
However, support for Bitcoin was swiftly withdrawn as the company came under fire for promoting BTC despite widespread notions that proof-of-work mining has a detrimental effect on the environment.
Musk said in June that Tesla will explore reinstating Bitcoin payment support if at least half of the Bitcoin network’s hash rate is fueled by renewable energy.
The claim comes after Tesla’s market valuation surpassed $1 trillion following the firm’s historic contract with auto rental giant Hertz. Tesla’s stock also soared to about $1,00 for the first time in history.
Musk stated this weekend, much to the chagrin of Shiba Inu (SHIB) holders, that he solely owns Bitcoin, Ether (ETH), and DOGE.
Shiba Inu Hodler, a Twitter user, asked Musk on Monday how much SHIB he was carrying, to which Musk responded, “None.” “I got several ascii hash strings labeled ‘Bitcoin, Ethereum, and Doge’ out of curiosity. That concludes it,” he said.
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