Tesla Inc, an electric-car manufacturer, will likely accept bitcoin payments again after it has done due diligence on the amount renewable energy used to mine it. This was stated by Chief Executive Officer Elon Musk at a conference. Bitcoin rose 8.8% to $32,160.16 while ether rose 11.6% at $1,993.36. In extended trading, Tesla shares fell 0.8% to $655.30
Musk’s remarks at the B Word conference follow Tesla’s May announcement that it would no longer accept bitcoin for car purchase. This was less than two months after the company started accepting bitcoin as payment. Musk stated that he wanted to do more research to verify that renewable energy usage is at least 50% and that there is a trend towards rising that number. If so, Tesla would accept bitcoin again.
“Most likely, Tesla will accept bitcoin again,” said the author. It was a contradiction between Musk’s environmentalist reputation and his use of bitcoin to purchase Tesla’s electric cars.
Tesla investors and environmentalists have become increasingly critical of the method by which bitcoin is’mined.’ This involves using large amounts of electricity from fossil fuels. However, more digital currency miners are trying to make use of renewable energy to reduce the environmental impact.
Tesla’s mission aims to accelerate the development of sustainable energy. Musk stated that we cannot be the company that does this and not do the proper diligence regarding the energy use of bitcoin. Musk said that he owned bitcoin, ethereum, and dogecoin in addition to the bitcoins that Tesla and SpaceX had.
Musk stated that he might pump, but he doesn’t dump. Musk stated that he doesn’t believe in selling bitcoin and raising the price. I want to see Bitcoin succeed.