Electric Vehicle giant, Tesla, who just yesterday, hit trillion-dollar status and is headed by world’s richest man and Dogecoin enthusiast, Elon Musk, in its quarterly earnings report to the United States Securities and Exchange Commission (SEC), indicated that it may resume transactions in digital assets for its products and services.
In the quarterly report, under Digital Asset Net, it stated, “We may in the future restart the practice of transacting in cryptocurrencies (“digital assets”) for our products and services. We account for such non-cash consideration at the time we enter into transactions with our customers in accordance with the non-cash consideration guidance included in the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, based on the then current quoted market prices of the digital assets.”
The company also expressed its long-term belief in crypto assets as a store of value and means of payment stating, “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 market and environmental conditions.”
