Tesla May Start Accepting Bitcoin Again

Tesla May Start Accepting Bitcoin Again

  • Electric car manufacturer Tesla may start accepting Bitcoin as a method of payment once again
  • According to the company’s latest filing, it believes in the potential of digital assets as alternatives to cash
  • Meanwhile, the company has made more than $1.3 billion from its bitcoin investment

Electric car company Tesla which recently joined an exclusive list of trillion-dollar companies may be set to accept cryptocurrencies as payment again.

Tesla Inc

The fast-growing company headed by the world’s richest man Elon Musk disclosed this on Monday.

In its quarterly earnings report to the United States Securities and Exchange Commission (SEC), Tesla announced that it may resume transactions in digital assets for its products and services.


A portion in the quarterly report stated:

“We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services. We account for such non-cash consideration at the time we enter into transactions with our customers in accordance with the non-cash consideration guidance included in the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, based on the then current quoted market prices of the digital assets.”

The company has expressed belief in the potential of cryptocurrencies as means of payment and store value.

Earlier this year, the company announced that it had begun accepting Bitcoin as a means of payment.

The initiative however didn’t last long as CEO Elon Musk disclosed that reception of payment in the flagship cryptocurrency will be discontinued in May.

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