Bitcoin’s Moment
Bitcoin’s climb past the $100,000 mark is a watershed moment in the evolution of crypto-currencies, symbolising their growing acceptance as a legitimate asset class.
Elon Musk-run electric car company Tesla is likely to start accepting Bitcoin again in exchange for its products and services.
According to a document filed in relation to the company’s earnings report this week, Tesla detailed their holding of $1.5 billion in Bitcoin and said it might consider accepting cryptocurrency as payment.
Advertisement
According to its third quarterly report filing with the US Securities and Exchange Commission (SEC), Tesla could restart accepting cryptocurrency payments.
Advertisement
The electric car-maker noted that during the nine months that ended September 30, the company purchased an aggregate of $1.5 billion in Bitcoin.
It had suspended cryptocurrency transactions in May citing environmental concerns.
Musk then promised the company will resume Bitcoin transactions once it confirms there is reasonable clean energy usage by miners.
“When there’s confirmation of reasonable (50 per cent) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” Musk noted.
Earlier this week, Tesla reached the $1 trillion market cap for the first time.
It becomes the fifth US company to join the $1 trillion club, after Apple, Microsoft, Amazon, and Alphabet.
The rally came after the US-based rental car company Hertz said it has ordered 1,00,000 Tesla vehicles (worth at least $4.2 billion) by the end of 2022 as part of an ambitious plan to electrify its fleet.
The move includes new EV charging infrastructure across the company’s global operations.
The price of Bitcoin had seen a decline of 3.88 per cent in the last 24 hours, falling below the $60,000 level.
Advertisement
