Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
Tesla is accredited as the second-largest corporate holder of Bitcoin.
Tesla Inc (NASDAQ: TSLA) has long been a dedicated crypto proponent and has expressed its support to the digital asset in many ways. The company had recently asserted its long-term belief in crypto and has said that they firmly believe in the potential of digital assets as an investment and an excellent liquid alternative to cash. Tesla had previously been accepting Bitcoin payments for its electric cars but had shelved the said feature later on after being met with heavy criticism. Tesla was accused of supporting crypto despite knowing that Bitcoin mining is negative for environmental growth and development.
Musk Proposes Green Innovation in Bitcoin
As per the report of Bitcoin Treasuries, Tesla holds approximately 43000 BTC which is roughly estimated to be around 2.7 billion dollars at current prices. Tesla has also been accredited as the second-largest corporate holder of Bitcoin.
In June, Elon Musk had indicated that Tesla might start accepting payments in crypto once half of Bitcoin hash rates are powered by renewable energy. The trend has already started gathering pace as 50% of miners in the US are already using renewable sources to mine crypto. The report of Tesla resuming support for crypto comes amidst news that the company’s market price has soared to a striking $1 trillion after wrapping up a deal with Hertz, while its shares are also rallying high to a staggering $1K for the first time.
— Elon Musk (@elonmusk) October 25, 2021
Bitcoin mining has been a source of constant criticism for its extensive process that accelerates the production of carbon dioxide. The increased carbon levels are known to have a deteriorating impact on global temperature levels. Musk has actively propagated the use of clean energy resources as an alternative to mine Bitcoin in near future.
Formerly known as Tesla Motors Inc, the company was founded in 2003, with the purpose to offer sustainable transport and energy resources through the manufacturing of its electric vehicles and solar power. In June 2021, Tesla became the first company to have sold 1 million units globally. Apart from producing electrically powered cars, the company also manufactures solar energy products such as batteries, solar roofs, and battery storage products.