Is Tesla About To Resume Bitcoin Payments?
Is Tesla about to resume Bitcoin payments? According to an SEC filing, it appears so.
@elonmusk i wanna buy TELSA with #bitcoin . Lets do it ??
— Anser Bhatti (@anser_hbk) October 25, 2021
During a recent SEC filing, Tesla revealed that it’s still planning on eventually resuming Bitcoin payments for its electric vehicles. Famously, Elon (or Alon, depending on who you ask) Musk tweeted, rather haphazardly, back in May that his company was stopping Bitcoin payments because of environmental concerns.
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- During the earnings report, Tesla said, “it may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services.”
- Elon Musk has stated this twice before. Once via tweet. Another during the B Word conference. Though, this is the first it’s come directly from the company. Not to mention, it’s directed at the regulatory agency that governs Tesla, which gives the claim a lot more legitimacy this time around.
- According to Business Insider, the EV maker had to report a 51 billion dollar impairment on their recent earnings because of an accounting quirk. “[Tesla] has to value its bitcoin at the lowest point to which it falls over the quarter. That means it officially has to recognize a loss if it drops below the purchase price.”
- Though, the EV maker reportedly owns 42,000 bitcoins. At current market price, that’s north of 2.5 billion USD dollars. Tesla originally purchased 1.5 billion USD worth. Though, it sold off 10% of it back in May.
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