Tesla could resume accepting Bitcoin payments in the future according to a new SEC Filing while in the past, the electric car company stopped accepting Bitcoin as a payment option due to environmental concerns so let’s read more about it in our latest Bitcoin news today.
In the SEC filing yesterday, the company said that Tesla could resume accepting Bitcoin in the future. In the SEC filing related to the company’s recent earnings report that it could restart the transaction in crypto for the products and services, Tesla noted that it didn’t shy away from crypto forever with the previous decision to stop accepting Bitcoin payments.
After a $1.5 billion investment in Bitcoin, Tesla made a BTC payment option for US customers but only two months later it stopped accepting it due to environmental concerns. The company’s CEO Elon Musk said that he was indeed concerned about the increase in the use of fossil fuels for BTC mining and transactions like coal. BTC mining is the busienss of using powerful computers to verify the transactions on the blockchain and to keep the network running smoothly. The process uses a lot of energy and there was a lot of criticism directed at the number one cryptocurrency and its miners over their effect on the environment.
The tech billionaire however said that Tesla will start accepting the crypto as payment when more BTC miners will start using clean energy. He added that at the time that Tesla will not be selling any of the BTC that it purchased or recieved as a payment. Now, more BTC mining companies are looking to use clean energy and to mine the cryptocurrency mostly because of china where most mining operations were based and then the country decided to crack down on BTC mining causing hundreds of businesses to flee the country.
The US became the global leader in BTC mining ever since with more operations using renewable energy instead of environmentally harmful Chinese Coal that Musk criticized in the past. Tesla and Musk both benefited from buying Bitcoin. The company purchased $1.5 billion worth of the asset and made $1 billion in profits so in the SEC filing we can read:
“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
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