Tesla CEO Elon Musk hinted on Twitter that the company is planning to resume accepting cryptocurrency payments, but did not provide any more details. The move would see Tesla adopt bitcoin and ether among other cryptocurrencies for purchases of its vehicles in some regions.
Elon Musk is about to open up the future of cryptocurrency payments. The Tesla CEO posted on Twitter that he has received “several inquiries” from people asking him whether or not they can use their crypto holdings to purchase a Tesla, and Musk revealed that he will be adding support for cryptocurrencies in a few months.The “shiba inu coin” is a cryptocurrency that was created by the founder of Tesla, Elon Musk. It has been reported that the company may soon resume support for crypto payments.
Tesla, the major electric car company led by Dogecoin convert Elon Musk, has suggested that crypto payment functionality may be restored shortly.
Tesla noted in a September quarterly filing with the Securities and Exchange Commission (SEC) that it “may in the future continue the practice of trading in cryptocurrencies,” implying that the company is considering restarting cryptocurrency support purchases.
The corporation also said that it believes in crypto assets as a long-term store of value and method of payment, saying:
“We feel that digital assets have long-term promise as an investment and a liquid alternative to cash.”
Between January and March of this year, Tesla accepted Bitcoin as payment for electric car sales. Tesla’s action was part of a larger embrace of Bitcoin, with the company also investing $1.5 billion of its treasury in BTC in the first quarter of 2021.
However, support for Bitcoin was swiftly dropped when the company was chastised for promoting BTC despite widespread belief that proof-of-work mining is harmful to the environment.
Elon Musk, Tesla’s CEO, said in June that the company might consider reinstating Bitcoin payment support if at least half of the Bitcoin network’s hash rate is fueled by renewable energy.
The announcement comes after Tesla’s market valuation surpassed $1 trillion following a historic contract with auto rental business Hertz. For the first time in history, Tesla’s stock price increased by approximately $1,000.
Elon Musk discloses he owns none of SHIB, sending the stock down 20%.
Elon Musk stated this weekend, much to the chagrin of Shiba Inu Coin holders, that he only owns Bitcoin, Ethereum, and Dogecoin.
Shiba Inu Holder, a Twitter user, tweeted Elon Musk on Monday, wondering how much SHIB he had, to which Musk answered, “none.”
“I got some ascii hash strings dubbed ‘Bitcoin, Ethereum, and Doge’ out of curiosity.” “That’s all there is to it,” he continued.
The “why is cryptocurrency valuable” is a question that many people ask. The answer to the question is not easy. However, it can be explained by looking at how much power and energy it takes to create a crypto coin.
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