- Tesla claimed that they have acquired roughly $1.5 bn worth of BTC in the past ten months.
- With Tesla having hit the $1 trillion market cap mark, accepting BTC transactions would induce significant price movements for the crypto.
While Tesla had stopped supporting BTC transactions in May due to environmental concerns, the company has recently informed the U.S. Securities and Exchange Commission that it will most likely be supporting crypto transactions in the near future.
Tesla Inc. released this information to the SEC on Monday while submitting their quarterly data.
While the company’s third-quarter release revealed ownership of an estimated $1.26 bn worth of BTC, Tesla claimed that they have acquired roughly $1.5 bn worth of BTC in the past ten months.
The company had been accepting BTC payments for its products and services in the first 3 months of 2021. However, the practice was seized by Tesla’s management due to cited environmental concerns.
The company argued that it was illogical for them to support BTC transactions due to the cryptocurrency’s association with fossil fuels.
Notably, with Tesla having hit the $1 trillion market cap mark, accepting BTC transactions would induce significant price movements for the crypto.
Elon Musk, the CEO of Tesla, has taken some steps towards encouraging the use of renewable energy by Bitcoin miners. He pioneered the formation of the Bitcoin Mining Council. The foundation advocates for environmental sustainability and transparency amongst BTC miners in North America.
Elon Musk was quoted on Twitter in June stating that Tesla would start supporting BTC transactions only after the miners had achieved at least a 50% renewable energy usage.
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