Tesla Rumored to Add Bitcoin and Dogecoin to its Payment Page Source Code
There are rumors circulating that Tesla may integrate Bitcoin and Dogecoin as payment options, as assets in the cryptocurrency market gain more mainstream popularity. However, it turns out that Bitcoin and Dogecoin were already present in Tesla’s payment source code since January 2023, and the option to pay with Bitcoin was simply discontinued without removing the code. Elon Musk, CEO of Tesla and a vocal supporter of cryptocurrencies, previously considered Bitcoin as a payment option.
Despite the rumors, Tesla’s cryptocurrency holdings have remained steady at $184 million. The company’s balance sheet reflects this amount, but accounting rules prevent them from recording unrealized gains on crypto, resulting in their Bitcoin holdings remaining flat despite the 7% price increase in the second quarter.
In February 2021, Tesla purchased $1.5 billion worth of Bitcoin and announced plans to support it as a payment option. However, Musk later reversed the decision due to environmental concerns and sold about 75% of its Bitcoin holdings in the second quarter of 2022. This decision was justified by concerns about the overall liquidity of the company.
The price of Bitcoin saw a 1.10% increase in the last 24 hours, while Dogecoin saw a 4.24% increase on July 20. It is worth noting that Tesla’s involvement with cryptocurrencies has been a topic of interest, given Musk’s public support and the company’s previous investments.
Overall, the rumors about Tesla integrating Bitcoin and Dogecoin as payment options appear to be a misunderstanding, as the code was already present in the payment source code, and Tesla’s current cryptocurrency holdings remain unchanged.