Elon Musk has been a massive supporter of crypto and his love for the crypto coin known as Dogecoin is quite famous in the crypto community. Believe it or not, very few people thought that Elon Musk would back any sort of cryptocurrency. However, it turned out that Elon believes that crypto has a lot to offer, a sentiment that is shared by a large number of high-profile individuals. The fact that Tesla used to accept payments in the form of crypto was enough to suggest how big of a crypto fan he was.
As time passed, however, Tesla reconsidered its policy for accepting crypto payments from customers. While there are a variety of reasons behind this, one of the biggest issues was that the company had mixed feelings about the volatile nature of crypto. If you have spent even a couple of months in the crypto trading or investing space, you would be well aware that there is a great deal of volatility and uncertainty involved. It is a massive reason why a large number of new traders abandon their venture after a while.
This is because the volatility of crypto trading can often be confusing and leave even the most experienced of investors puzzled. Needless to say, Tesla stopped accepting any sort of payment in crypto and claimed that it would rather accept cash instead. As you would expect, this did not sit well with the people who had been using crypto to purchase the products that Tesla had to offer. As a matter of fact, there was a massive outcry that caused people to abandon buying Tesla products altogether. While this did not last, the demand for accepting crypto payments still remained.
People were adamant that making payments in the form of crypto was far more convenient for them and helped them make their desired transactions without any sort of hassle. For a long time, however, it did not seem like things would get back to their previous state. However, as time passed by, it seems like Tesla is slowly but surely reconsidering its stance regarding crypto. According to a large number of resources, Tesla has been offering a lot of hints regarding accepting payments in crypto once again.
Some people have even gone as far as stating that this news is all but confirmed and it is only a matter of time when Tesla makes the final announcement. Crypto experts have been stating that the reason why Tesla will start accepting crypto payments again is because most coins have been quite profitable. In addition, the regulations being imposed by governments significantly reduce the chances of hacks and frauds.