Written by Hazel J. Greene, Senior Analyst

Today, the Bitcoin community experienced a surge of excitement as rumors circulated about Tesla rekindling its love affair with BTC payments. Speculation was fueled by the discovery of Bitcoin and Dogecoin payment options still present in Tesla’s website source code. Enthusiasts eagerly interpreted this as a potential signal of a Bitcoin comeback led by Elon Musk. However, upon closer inspection, it became clear that these references were relics from earlier configurations and not indicative of recent or upcoming changes to Tesla’s payment options.

Chinese journalist Collin Wu promptly debunked the rumor by stating that both cryptocurrencies were already present in Tesla’s source code since January 2023. It appears that Tesla engineers did not remove this code when they previously discontinued the option to pay with Bitcoin. While the rumor sent ripples through the community, any purported comeback of BTC payments on Tesla’s website remains unverified. Enthusiasts now eagerly await official announcements from the electric vehicle company.

Interestingly, Tesla’s recently released second quarter 2023 earnings report revealed that the company has not sold any of its remaining Bitcoin holdings. This information indicates that Tesla still sees value in holding Bitcoin as a long-term asset.

To put this rumor in context, let’s review Tesla’s history with BTC payments. Back in 2021, Tesla made headlines by investing a staggering $1.5 billion in Bitcoin, positioning itself at the forefront of mainstream corporate finance embracing cryptocurrencies. However, the love affair was short-lived. Later that year, Elon Musk and Tesla decided to suspend BTC payments due to environmental concerns surrounding the energy consumption of mining. Additionally, Musk sold about 75% of Tesla’s Bitcoin holdings between April and June 2022.

Musk emphasized that Tesla would reconsider BTC purchases if the use of renewable energy by miners reached a threshold of 50% or more in the overall energy mix. Despite meeting this threshold, Tesla has not yet resumed accepting Bitcoin as a payment method, prompting occasional rumors like the one witnessed today. As of now, Tesla’s stance on BTC payments appears unchanged.

While the excitement surrounding the potential return of BTC payments to Tesla’s platform was short-lived, it remains noteworthy that Tesla has not removed BTC references from its source code. Enthusiasts will need to patiently await any official announcements from the electric vehicle giant to ascertain the future of BTC payments. Meanwhile, the BTC price has seen a slight uptrend, reaching $30,291 at press time.

It’s important to remember that rumors can quickly escalate and create an air of anticipation, but concrete information and official confirmation are essential to substantiate any claims. For now, Tesla’s relationship with Bitcoin remains in limbo.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.