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Tesla Informs SEC on Its Wish to Restart Transacting in Cryptocurrencies again

Tesla Informs SEC

October 27, 2021

Reading Time: 2 minutes

Electic automobile giant Tesla filed its quarterly report with the US Security and Exchange Commission on Monday, through which they expressed the desire to resume cryptocurrency payments.

Between January to March of this year, Tesla accepted Bitcoins for the sale of its electric cars after the company bought largely into the cryptocurrency’s stock. In April, a strong concern arose concerning the source and amount of energy used to mine Bitcoins and their adverse nature to our environment.

Seeing as to how influential Tesla’s CEO, Elon Musk, is to the digital market and for its greater good, he announced the renouncement of Bitcoin payments to his customers in April. Explaining this decision, Musk promised to carry due diligence and ensure BTC mining renewable energy was at or above 50% before ever rethinking resuming it.

During the quarterly report filed earlier this week, Tesla explained to the SEC that during the nine-month period that ended on 20th September, they purchased up to $1.50 billion in bitcoin. On their earning balance sheets, Bitcoin showed a worth of up $1.26 billion despite the bitcoin-related setbacks the company faced on their crypto payments downtime.

The SEC filing presented by the company further shows that within the three months the company accepted Bitcoin payments were subject to applicable laws. The company vividly informed the SEC they might ‘restart the practice of transacting in cryptocurrencies’ in specified regions for the sale of certain products.

Meanwhile, Tesla only supports one cryptocurrency- the BTC as a liquid alternative to cash for the sale of cars. Recently Musk took to his Twitter to conduct a poll asking his followers whether Tesla should accept Dogecoin as well. Out of the 3.8 million votes cast, 78.2% of them were in favour. Personally, Musk only owes Bitcoin, Ether, and Dogecoin, unlike his companies Tesla and SpaceX, which only owe Bitcoins.

The future is limitless on what approach Tesla may take, and only time will tell.

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