The Market Adoption Has Increased, And Tesla Could Support Crypto Payments Again

The cryptocurrency market has grown bigger over the past few months, and Tesla is reconsidering accepting crypto payments again.

Tesla Could Start Accepting Cryptos Again

Tesla, the world’s leading electric vehicle manufacturer, is exploring the possibility of accepting cryptocurrencies for its products again. This latest development comes after the company suspended the BTC payment option earlier this year.

In a SEC filing for the third quarter of the year, the company said it could restart its practice of accepting Bitcoin and other cryptocurrencies again. Tesla didn’t specify which cryptocurrencies it could accept again, but the most favorable options are Dogecoin and Bitcoin.

Tesla was accepting Bitcoin as payment for its electric vehicles earlier this year. However, it suspended the option in May, stating that it is concerned about Bitcoin mining’s impact on the environment.

In June, the company said it is willing to resume accepting Bitcoin again if miners commit to using renewable energy to mine the cryptocurrency. By using renewable energy, Bitcoin’s high energy usage won’t have negative effects on the environment.

Another crypto payment option is Dogecoin. Tesla CEO Elon Musk is a big fan of the cryptocurrency and has discussed the possibility of accepting it as payment for his electric vehicles. A survey he ran on Twitter revealed that most of his followers are open to paying for Tesla vehicles with DOGE.

Tesla Still Holds Bitcoin

Despite attacking Bitcoin for its high energy usage, Elon Musk revealed in July that Tesla and SpaceX still hold bitcoins in their balance sheets. He admitted that he personally holds BTC, ETH and DOGE.

Tesla remains one of the leading corporate Bitcoin holders after buying $1.5 billion worth of bitcoins earlier this year. Bitcoin is trading above the $63k level after reaching a new all-time high above $67,000 last week.

The leading crypto has been rallying over the past few weeks and could surge higher in the coming days and weeks.