Breaking: Tesla May Resume Bitcoin Payments

By Palak Malhotra
Published October 26, 2021 Updated October 26, 2021
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Breaking: Tesla May Resume Bitcoin Payments

By Palak Malhotra
Published October 26, 2021 Updated October 26, 2021

Tesla’s quarterly report noted that the company may restart cryptocurrency payments for its products and services. In the Digital Assets section of the report, the company confirmed purchasing approximately $1.50 billion in Bitcoin towards the end of the third quarter.

Furthermore, the report also mentioned that while Tesla accepted Bitcoin payments until March, it suspended the practice in lieu of Bitcoin’s unsustainable nature. However, Musk-owned Tesla is back to basics, just in time when Bitcoin is outperforming since Bitcoin ETF implementation in the US.

“During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin. 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. We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services.”

Tesla Bitcoin Holdings

Earlier this year, post-suspension of Bitcoin payments by Tesla, Elon Musk confirmed at the B-Word Conference that Tesla owns Bitcoins, along with him having an extensive personal Bitcoin portfolio. Additionally, the report noted that Tesla has ownership over its digital assets and further plans on involving third parties to secure those digital assets through custodial services.

“We have ownership of and control over our digital assets and we may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.”

Tesla CEO, Elon Musk has not shied away from showing his support for Bitcoin’s ongoing bull. According to CoinGape’s coverage last week, Musk tweeted the popular “69-420” meme to define Bitcoin’s exceptional performance in the ongoing bull run. Furthermore, last month at the Code Conference in Beverly Hills, California, Musk advised the U.S. government against their expanding crypto crackdown, reinstating that they should “Do Nothing” to slow down the crypto industry to a strict regulatory framework.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
414 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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