Tesla removed Bitcoin payments citing environmental concerns, but Elon Musk pledged to reinstate them if renewable energy use on the network increased.
Four years have passed since Tesla stopped accepting Bitcoin, citing environmental concerns. While the Bitcoin mining industry has reportedly increased its share of renewable energy consumption, Tesla doesn’t appear ready to return to Bitcoin payments anytime soon.
On Feb. 8, 2021, Tesla disclosed a $1.5 billion investment in Bitcoin (BTC) in a filing with the United States Securities and Exchange Commission (SEC).
Tesla CEO Elon Musk also decided to include the cryptocurrency in the company’s treasury and began accepting BTC as a form of payment for the company’s electric vehicles.