New Quarterly Report: Tesla May Begin Accepting BTC Again

The latest financial documents from the electric automobile company have hinted that it will start considering BTC as a method of payment again.

The quarterly report from the company to the Securities and Exchange Commission of the United States stated that the purchases through BTC could be considered soon.

Text from the 10-paged documents includes; “In the first nine months of the year ended 30th September 2021, we have acquired a total of BTC worth $1.5 billion. Additionally, we accepted BTC as a method of payment for three months from January for our products in some specific regions as permitted by the law. We eventually suspend this ruling in Mary 2021.”

However, the document stated, the company is looking to restart the practice of BTC purchases for its services and products.

The news hit the market in February when Tesla announced that it is accepting BTC as payments for the purchases of its products. However, this was abruptly halted in May when the Company CEO made the announcement based on the environmental impact of asset mining.

Random statements from the Tesla CEO, Elon Musk, are believed to have a drastic impact on the value of the asset, especially in 2021. After halting the culture of BTC purchases in Tesla, Musk promised that the company would continue with the culture when the mining process of the asset has a lesser carbon footprint.

Currently, Tesla balance sheets revealed its acquisition of 43,200 BTC with an average price of $34,722. Compared with the value of the asset today, Tesla has made 1.74x profit on its investment in the crypto market-leading asset.

In the company’s third-quarter financial report submitted to the SEC, it was revealed that the total market value of its BTC holdings is about $1.83 billion as of September 30.

Tesla said in the report that they believe so much in the potential of the digital asset in the long term, first as an investment and as a liquid alternative to fiat. However, they may at any time reduce or increase their holdings depending on their market view, environmental conditions, and business needs as they would manage any fiat-based investments.

They understood very well that the asset is subjected to volatility and can be unfavorable or even call for liquidation.

Also, it was reported that the market capitalization of the Tesla Share ($TSLA) hits a trillion-dollar this week for the first time.