Bitcoin Steadies as Tesla Indicates Possibility of BTC Payment Reacceptance

26 October 2021 | Updated: 26 October 2021

According to its recent quarterly report filing with the US Securities and Exchange Commission, Tesla could start accepting Bitcoin (BTC) as payment for its vehicles again.

The behemoth electric vehicle manufacturer revealed in its Q3 filing that as of September 30, the company purchased a total of $1.5 billion BTC worth. Until March, Tesla accepted Bitcoin as payment for vehicles in specific regions but temporarily suspended this practice in May due to environmental reasons. At the time, Tesla noted in an official statement that:

“We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services.”

Meanwhile, the company’s Q3 filing also revealed that the “fair market value” of its digital asset holdings at the end of September was $1.83 billion. The electric vehicle coming added that:

“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

That said, in July, Tesla CEO Elon Musk asserted that the firm would begin reaccepting BTC as soon as Bitcoin mining operations average 50% in renewable energy consumption. Musk noted that:

“But as long as there is a long-term trend toward the use of renewable energy by the community, Tesla can support that.”

Interestingly, BTC mining operations have become increasingly “greener” since the mass migration of miners from China, which consumed a significant amount of coal-based power in energy creation. Most of these miners relocated to the US, where renewable energy use was a more common practice.

Key Bitcoin Levels to Watch — October 26

Following a two-day-long reversal towards the $60,000 level, BTC has reclaimed its bullish drive as it touched the $63,700 mark yesterday. The benchmark cryptocurrency currently holds up above the 50 SMA as it fights to secure its position above the critical $63,000 barrier.

BTCUSD – 4-Hour Chart

That said, I expect to see a bullish continuation over the coming days to the $64,900 resistance followed by a correction into the $64,000 – $63,000 pivot zone.

Meanwhile, my resistance levels are at $64,000, $65,000, and $66,000, and my key support levels are at $62,000, $61,000, and $60,000.

Total Market Capitalization: $2.62 trillion

Bitcoin Market Capitalization: $1.18 trillion

Bitcoin Dominance: 46.2%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.