Tesla Could Accept Cryptocurrency Payments Again, US SEC Filing Reveals

Tesla didn’t provide a timeline for re opening crypto payments.

By Radhika Parashar | Updated: 27 October 2021 12:02 IST

Tesla is the second-largest corporate holder of Bitcoin in the world

Highlights

Tesla may accept crypto payments once again
It mentioned this in an SEC filing
Tesla did not give a timeline for this move

Tesla could start accepting payments in the cryptocurrency again, it hinted in its third quarterly report filing with the US Securities and Exchange Commission (SEC). In the first half of this year till May, Tesla was actually allowing Bitcoin payments for select products and services. In May, Tesla CEO Elon Musk even asked his Twitter followers if the electric car company should start accepting payments in Dogecoin. However, later in the same month, the practice of accepting cryptocurrency was put to a halt.

“We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services,” the world's most-valued EV brand said in its filing.

As of now, it remains unclear by when would Tesla begin accepting Bitcoin payments in the near future.

The company worth over $1.01 trillion (roughly Rs. 74,96,251 crore) further informed the US government that it has purchased around $1.5 billion (roughly Rs. 11,244 crore) worth of Bitcoins in the nine months which ended on September 30 this year.

As Musk has remained an avid supporter of cryptocurrencies, Tesla has also said that it believes these crypto-coins are a viable option that can be considered instead of cash.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” the EV company added in its SEC filing.

Tesla is the second-largest corporate holder of Bitcoin in the world, as per a report by CoinDexLab. In July, Musk had hinted that the EV company owned about BTC 42,069.

The Tesla CEO Musk has been vocal about his support for the crypto-movement.

Earlier last month, Musk said that cryptocurrencies cannot be destroyed now, indicating that the space is looking at a rapid global expansion.

The centibillionaire has also said in the past that his companies would become more open towards crypto payments once cryptocurrency mining shifts to depend on renewable energy.

Recently, China imposed a blanket ban on crypto activities. The negative environmental impact, heavy energy consumption, and carbon footprint of Bitcoin and other altcoin mining was one of the main reasons of concerns for China.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Tesla, Cryptocurrency, Payments, Elon Musk, Bitcoin

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More