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Tesla made headlines in May when it announced that it would stop accepting Bitcoin payments citing the negative impact of crypto mining on the environment. However, the electric car manufacturer appears to be reversing its stance and is about to resume accepting cryptos such as BTC as payment for its products and services.
In its quarterly report filed with the U.S. Securities and Exchange Commission, Tesla disclosed that it purchased an aggregate of $1.5 billion in Bitcoin during the first nine months of 2021. However, the company’s balance sheet reported that its BTC stash is now worth $1.26 billion after it reported impairments in the previous two quarters.
The electric car manufacturer also detailed how it started accepting Bitcoin payments early this year but stopped the practice in May. “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,” Tesla said.
But the company also hinted that it might soon resume accepting Bitcoin as a payment option. “We may in the future restart the practice of transacting in cryptocurrencies ("digital assets") for our products and services,” Tesla added.
Elon Musk cited environmental concerns when Tesla suspended its acceptance of Bitcoin payments in May. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk explained in a tweet. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
Back then, Musk already hinted at the possibility of resuming the acceptance of Bitcoin payments or replacing BTC with more energy-efficient cryptos. “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” he added. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”
