CEO Elon Musk: Tesla (TSLA) May Resume Taking Transactions For Electric Vehicles In Cryptocurrencies

Share on facebook
Share on twitter
Share on linkedin

Tesla is back in the crypto game! 

The electric car maker Tesla may accept cryptocurrencies once again. Tesla provided this information to the US Securities and Exchange Commission (SEC) in a report regarding earnings and movements for the third quarter of 2021.

Wouldn’t it be great to get your Model 3 and pay with Bitcoin, Ethereum, Ripple, Litecoin, or any other cryptocurrency via Tesla’s payment platform?

In the document, Elon Musk’s company recalls that it accepted bitcoins as payment for some products for three months between April and May 2021.

“We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services”, they say.

The company reiterates the importance of cryptocurrencies in the same report:

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash”, it says.

Tesla purchased and received Bitcoin worth $1.5 billion between the first day of 2021 and September 30.

Tesla CEO Elon Musk has been credited with boosting the prices of cryptocurrencies, including bitcoin, through his tweets.

The report highlighted that the carrying value of our digital assets on September 30, 2021 was $1.26 billion, reflecting cumulative impairments of $101 million. The fair market value of such assets on September 30, 2021 was $1.83 billion.

In addition, the company says it earned $128 million from selling bitcoins, even though it had losses of $101 million with the reserve it holds.

Earlier this week, the company reported earnings for the third quarter, noting record net income, operating profit, and gross profit, as well as a higher operating margin than expected.

As a result of rising vehicle deliveries as well as growth in other parts of the business, Tesla’s Q3 revenue increased 57% year-over-year to $13.76 billion USD.

In addition, Hertz has ordered 100,000 Teslas for delivery by the end of 2022, boosting the company’s valuation to over $1 trillion USD.

First published here

Trending

You May Also Like

Your free beginners guide to Crypto and DeFi