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Highlights
- If Tesla resumes supporting digital assets, it would be a game-changer for the crypto world.
- The company said that it may restart the practice of transacting in cryptocurrencies in the future.
- The crypto world is fragile, and each statement of Elon Musk has a significant influence on the price levels.
Elon musk is the ultimate influencer in the cryptocurrency market. The company’s decisions, Musk’s tweets have had some significant impact on the cryptocurrency world. However, with all the ups and downs, there is latest indication that the company might again turn the game of cryptocurrencies.
Elon Musk: the ultimate influencer
With a current net worth of USD 288.6 billion, Musk is about to touch the mark of USD 300 billion. Notably, his company, Tesla has taken a recent flight with the landmark deal with the car rental company Hertz.
Now Tesla stands at the current capital worth of USD 1 trillion- the first carmaker to join the elite club of trillion-dollar companies. With such huge power in hand, one can imagine, how Elon Musk can influence the crypto world, or for that matter any other market once he steps into it.
2021 in hindsight: Elon Musk and Crypto’s bittersweet relationship
In 2021, Elon Musk’s tweets and the Company’s dynamic decisions have significantly impacted the crypto world. At the beginning of the year, Tesla started accepting Bitcoins as a mode of payment and invested a huge sum in crypto. Following this announcement, the Bitcoin world leaped.
Will Tesla resume cryptocurrency transactions?
However, the game changed when Musk tweeted that Tesla wouldn’t accept Bitcoins anymore because of the environmental impact of Bitcoin mining. Because of this tweet, the entire crypto sector lost nearly USD 1 trillion at one point.
Later on, in June, Musk tweeted that Tesla will return to the crypto world if the miners assure that at least 50% of their electricity is generated through renewables. Musk’s tweets time and again change the way the usual crypto market would be performing.
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The new announcement bombarding the crypto world once again
Now the wind has again started to move swiftly with Tesla’s new announcement. Recently, Tesla hinted that it might resume supporting cryptocurrency as a mode of payment. This comes as a significant piece of news for the miners, investors, and spectators of the crypto world.
In a September quarterly filing with the United States Securities and Exchanges Commission, Tesla stated, “it may in the future restart the practice of transacting in cryptocurrencies.” In addition, the statement suggested that Tesla may be looking forward to accepting payments via digital assets.
Additionally, the company also showed its belief and trust in the crypto assets to be used as a mode of payment and for investment in the long run. It said, “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”
Image source: © Xiuxiu84 | Megapixl.com
GOOD READ: Aussies’ concerns for climate change at peak; not keen to use coal and gas as fuels
Bottom line
Conclusively, Tesla may or may not resume its entry into the crypto world. But, if it does, it would be a game-changer for digital assets. Some speculations suggest that Elon Musk is manipulating crypto prices. However, those are mere speculations, and it is yet to be seen how Bitcoins and other digital assets perform in the market in the coming months.
