Tesla, the largest electric car maker led by Elon Musk’s Dogecoin (DOGE), has hinted that it looks like it will soon restore crypto support.
In a September quarterly report from the US Securities and Exchange Commission, the company said it “could resume cryptocurrency trading in the future,” noting that Tesla plans to resume support for purchases made with digital assets.
The company also expressed its firm belief in cryptocurrencies as a store of value and payment, saying:
“We believe in the long-term potential of digital assets, both as an investment and as a liquid alternative to cash.”
Tesla previously accepted Bitcoin as payment for the purchase of electric cars between January and March of this year. The move was part of Tesla’s broader adoption of Bitcoin (BTC), as the company also invested $1.5 billion of its coffers in BTC during the first quarter of 2021.
However, support for Bitcoin quickly lagged after the company faced criticism for its support of BTC, despite the belief that evidence of mining in action had negative environmental impacts.
Musk indicated in June that Tesla would consider resuming support for Bitcoin payments when at least half of the Bitcoin network’s hash rate is powered by renewables.
The report comes amid news that Tesla’s market value has peaked at $1 trillion after a landmark deal with car rental company Hertz. Tesla’s stock price rose by about $1 for the first time in history.
On the topic: SHIB drops 20% as Elon Musk shows he has none
To the chagrin of Shiba Inu (SHIB) owners, Musk tweeted this weekend that he only owns Bitcoin, Ether (ETH) and DOGE.
Twitter user Shiba Inu Hodler tweeted to Musk on Monday asking how much SHIB he was carrying, and Musk responded with “No.”
“Out of curiosity, I got a few lines of an incremental hash called Bitcoin, Ethereum, and Doge. That’s it.”