Is Tesla bringing back crypto payments?
10-26-2021Tesla has hinted that it may soon attempt to reintroduce support for cryptocurrency payments. Tesla noted in its September quarterly report that company "may in the future resume the practice of trading in cryptocurrencies."
The corporation also stated its long-term belief in crypto assets as a store of wealth and a means of payment, stating:
“We believe in the long term potential of digital assets both as an investment and also as a liquid alternative to cash."
Tesla has become the first major car manufacturer to accept Bitcoin as payment for electric vehicle purchases. The firm will invest $1.5 billion worth of its BTC reserves into the digital currency over the next three years.
Following a landmark partnership with car rental company Hertz, Tesla's market valuation has topped $1 trillion. For the first time in history, Tesla's stock price has climbed by roughly $1000. Tesla CEO Elon Musk indicated that Tesla will consider accepting Bitcoin payments whenever renewable energy generates at least 50% of the Bitcoin network hash rate.
Elon Musk said this weekend, to to the chagrin of Shiba Inu Coin holders, that he only holds Bitcoin, Ethereum, and Dogecoin. On Monday, Twitter user Shiba Inu Holder asked Elon Musk how much SHIB he had in his possession, to which Musk answered, "none."
He then added, “out of curiosity, I acquired some ascii hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it,”.
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