Tesla Will Resume Cryptocurrency Payments in the Future

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Tesla may resume the practice of accepting crypto as a means of payment for its products in the future, according to a document filed by the company with the US Securities and Exchange Commission:

“We believe in the long-term potential of digital assets as both an investment and a liquid alternative to cash.”

Tesla’s capitalization has recently exceeded $1 trillion for the first time eve. The electric car maker rose on news of an agreement with car rental company Hertz, which placed an order for 100,000 Tesla, Bloomberg has reported. The deal is valued at $4.2 billion.

In February 2021, Tesla invested $1.5 billion in Bitcoin. The average purchase price was $34,963. Later, Elon Musk called the decision “quite risky.”

In March, the billionaire announced the company was accepting BTC as a means of payment. However, in May, the company stopped accepting the asset due to concerns about the environmental friendliness of its mining.

Musk said this summer Tesla will resume selling electric cars for Bitcoin when it confirms that at least half of the miners have switched to renewable energy. At the same time, the founder and head of the BTC.TOP pool, Jiang Zhuoer, drew the entrepreneur’s attention that the condition was fulfilled as a result of the prohibitive measures of the Chinese authorities regarding mining.

At the end of the third quarter of 2021, Tesla recorded record profits and revenue, but the company’s investments in the first cryptocurrency depreciated by $51 million.