In recent weeks, Bitcoin, Ethereum, SHIBA, and a lot of other coins rose rapidly making record high charts. In the rising rally, a lot of other coins seem to have picked up the pace as well. While the downfall can be seen on some cryptos we can see SHIBA is one of the few coins to have success in making record highs in such a short period of time.
In an income statement filed by the Tesla corporate for the quarter ending September, it said it may restart the practice of accepting cryptocurrencies for its products and services. The company stated “We may in the future restart the practice of transacting in cryptocurrencies for our products and services,” in a Securities and Exchange Commission (SEC) filing.
Back in March of 2021, Tesla’s CEO Elon Musk said that the company will accept Bitcoin as a form of payment to buy electric cars in the US. With the huge reach, Musk has in his Twitter account, the news spread like a wildfire and surged the price of Bitcoin to go over $60K in a matter of days.
However, after 2 months of accepting Bitcoin for payment, the company announced they no longer are supporting Bitcoin to purchase its vehicle, showing concerns over environmental issues. Musk broke the news saying they would not sell or intend to use the bitcoin for transactions until the mining transitions to more sustainable energy.
Musks’ concern over environmental effects was valid as the creation of digital currency happens when high-powered computer machines compete against other machines to solve complex mathematical problems. This is usually an energy-intensive process that often relies on electricity generated with coal and fossil fuels.
But later this year, Tesla plans to resume accepting Bitcoin in the future, it said in a regulatory filing. “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash-equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of the market and environmental conditions,” the filing added.
With that news, we are sure to observe more surge on Bitcoin prices as it recently experienced a record-breaking all-time high value of almost $67K. Likewise, other Altcoins are predicted to grow as well, so pick up your pace and book your profit ASAP. XcelToken Plus is Ethereum based Utility token that can be used for booking over 450+ flights and 2.5M+ hotels across the globe. Not only that but it can also be used to top-up mobile or to buy gift cards from XcelPay Wallet as well.