• Tesla previously announced that it will accept Bitcoin as a mode of payment
  • However, months later, Tesla suspended vehicle purchases with Bitcoin due to environmental concerns
  • Automobile giants like BMW, Audi and Porsche have been accepting Bitcoin as a form of payment

Mahindra & Mahindra Limited, an Indian multinational automotive manufacturing corporation based in the northern state of Punjab, seemingly suggested that it could beat Elon Musk's Tesla after it teased that it could accomplish one thing that the American electric vehicle maker failed to do.

Mahindra would soon allow people to purchase its vehicles using Bitcoin, the world's first-ever digital asset and the world's largest crypto asset by market.

The news came directly from the horse's mouth - Mahindra Group Chairman Anand Mahindra - whose statement suggested that the automaker's decision to embrace cryptocurrency could be a potentially game-changing move.

Mahindra's statement on Bitcoin came in response to a Twitter user who asked if they can buy the automaker's cars using the digital currency.

While the executive did not give a specific timeline for the company's Bitcoin adoption, he suggested that it will happen in the future.

"Not yet. But maybe bit by bit in the future," Mahindra's tweet read.

The Mahindra Group of companies is known for its inclination toward blockchain and cryptocurrencies.

Its affiliate Mahindra Tech jumped onto the blockchain and metaverse bandwagon, while Kotak Mahindra Bank became one of the first banks in India to open its doors to the crypto market.

Tech Mahindra also worked with the company to debut its first batch of Mahindra Thar Superhero-themed NFTs.

Mahindra will not be the first automaker to embrace cryptocurrency if ever the company decides to accept Bitcoin as a form of payment for its vehicles.

Mahindra showcases its new electric vehicle, ATOM, at the India Auto Show in Greater Noida, India, February 7, 2018.
Mahindra showcases its new electric vehicle, ATOM, at the India Auto Show in Greater Noida, India, February 7, 2018. Reuters / Saumya Khandelwal

Automobile giants like BMW, Mercedes, Audi and Porsche have begun accepting Bitcoin as a form of payment.

Tesla, when it acquired $1.5 billion of Bitcoin in 2021, announced that it will soon accept Bitcoin as payment for its electric vehicles.

"Tesla is using only internal & open source software & operates Bitcoin nodes directly," Musk said in March 2021, adding, "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency."

However, just a few months after the announcement in May, Musk said Tesla "suspended vehicle purchases using Bitcoin," citing environmental concerns.

"Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," Musk said in a tweet.

"We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions," the Tesla CEO explained in a tweet, "especially coal, which has the worst emissions of any fuel."