Largest Electric Car Manufacturing Company May Soon Accept Cryptocurrencies for Payments

Largest Electric Car Manufacturing Company May Soon Accept Cryptocurrencies for Payments

Crypto News Exchanges News
November 4, 2021 by Elias Powell
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As per the latest reports, the largest electric car manufacturing company in the world “Tesla” has made an announcement for the cryptocurrency community. The announcement is promising for the cryptocurrency community as Tesla has announced it may soon start accepting cryptocurrencies for payments. This is not the first time Tesla will be making the decision
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As per the latest reports, the largest electric car manufacturing company in the world “Tesla” has made an announcement for the cryptocurrency community. The announcement is promising for the cryptocurrency community as Tesla has announced it may soon start accepting cryptocurrencies for payments.

This is not the first time Tesla will be making the decision of adopting cryptocurrencies as a payment method. It was back in March of 2021 when Tesla had announced that it was accepting Bitcoin (BTC) as a mode of payment.

However, the announcement was short-lived because in a matter of two weeks, towards mid-April, Tesla backed out on its decision. Tesla reported announced that it was no longer going to accept Bitcoin and gave the reason behind withdrawing from accepting Bitcoin.

Tesla revealed that it was due to the high carbon-emission concerns they had with the mining of Bitcoin, which resulted in them backing away from their decision.

The sudden decision made by Tesla was one of the major factors that resulted in Bitcoin facing the worst plummet of 2021 so far. After the incident, Tesla continued to run its operations as normal but later, it hinted it would start accepting Dogecoin (DOGE) as a mode of payment.

However, after hinting at the adoption of cryptocurrencies, Tesla provided no further information around the matter. Just recently, it has been revealed through a filing that Tesla had submitted at the US Securities and Exchange Commission (SEC) back in September.

In the filing, Tesla has hinted that there are high chances they may resume accepting cryptocurrencies for transactions and payments. This means that Tesla is indeed interested in adopting cryptocurrencies again as a mode of payment.

In the filing, Tesla also mentioned a few things about cryptocurrencies that are promising for the entire cryptocurrency industry. In the filing, Tesla admitted the importance and significance of cryptocurrencies in the current times.

Tesla admitted how crucial the role cryptocurrencies are playing in shaping up the economic system of countries that are currently struggling. The electric vehicle manufacturing giant also revealed how confident it was over the market existence of cryptocurrencies.

In the filing, Tesla remarked that cryptocurrencies are strong candidates when it comes to qualifying as a mode of payments and as a long-term store of value.

In the filing, Tesla stated that they are confident that the digital assets would prove a great investment and their potential a medium for investments. In addition to that, cryptocurrencies would also prove to be very useful as an alternative to cash.

Tesla is constantly making it into the news, whether it is related to Tesla’s market capitalization being over $1 trillion or it would be the largest deal for 100,00 vehicles. The company has been in the news since the beginning of 2021 and whatever decision it makes about cryptocurrencies, will have a long-lasting impact on digital assets.

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