Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments

Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments
Tesla reiterates that it hasn't not closed its doors to accepting Bitcoin as payment for its electric carsCanva
  • The electric car company owned by billionaire Elon Musk, Tesla, is mulling over possibly accepting cryptocurrency as payment again.
  • It had temporarily opened the doors to Bitcoin early in the year, before taking a u-turn over energy consumption concerns.
  • According to Musk, Tesla would only consider accepting Bitcoin as payment again if 50% of mining is done using clean energy.
Electric car maker Tesla and its founder, Elon Musk, don’t seem to have given up on crypto payments just yet. In its third-quarter earnings release today, the company hinted that it could start transacting in cryptocurrencies for its products and services in the future.

“We may in the future restart the practice of transacting in cryptocurrencies ("digital assets") for our products and services.”

Excerpt from Tesla’s third quarter earnings for financial year 2021

After becoming profitable for the first time since its inception last year, the company became the sixth ever to surpass $1 trillion in market value on Monday after sealing a new deal with Hertz for the biggest-ever rental car order.

Tesla also said that in the nine months ended September 30, the company has bought an aggregate of $1.5 billion worth of Bitcoin. “In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021,” it added.

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