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Tesla Considers Crypto Liquid Alternative to Cash

Liquid Alternative to Cash
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Tesla may resume support for crypto transactions in the coming days. The company considers crypto a liquid alternative to Cash.

In its Quarterly filing with United States Security and Exchange Commission,  the company stated that it ‘may in the future restart the practice of transacting in cryptocurrencies”. This indicates the firm’s intention to again support bitcoin payments upon car purchases.

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

Crypto investors have a love-hate relationship with Elon Musk and his company Tesla. Musk is known for causing upticks in crypto coin prices with his tweets. Moreover, he also played a role in the bitcoin bull run that swopped across the crypto market in the first quarter of 2021.

Tesla announced its $1.5 billion investment in Bitcoin earlier. The company also allowed customers to pay for its Cars in bitcoin from January to March this year. However, the backlash from climate change activists made the firm take back its decision.

The support for crypto payments was discontinued due to the energy consumption in Proof-of-Work mining. Nonetheless, Musk tweeted, “Tesla has diamond hands” indicating that the firm has not sold any of its bitcoin holdings. Furthermore, he also indicated that the support for bitcoin will resume once at least half of the hash rate is powered by renewable energy.

Tesla is among the big names that invested in bitcoin. Recently, the firm’s market capitalization crossed $1 trillion after it reached a deal with car rental company Hertz.

Elon Musk has acquired Bitcoin, Ethereum, and Doge.

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