Elon Musk has hinted that the crypto industry is on its way to a greener future, but Tesla is still accepting bitcoin payments.
Speaking at “The ₿ Word” – a virtual Bitcoin event with Jack Dorsey from Twitter, Cathie Wood from Ark Invest and Steve Lee, CEO of Square Crypto – Elon Musk said that Tesla will “most likely” consider continuing to use Bitcoin Paying for his vehicles – a policy Elon Musk stopped in May – but says he needs to be careful before making a decision. Musk shared:
“There seems to be a positive trend in Bitcoin’s energy consumption,” said Elon Musk, skeptical of the speed with which the network has switched to green energy sources. “In principle, you cannot double or triple energy in such a short time with renewable energies. Tesla’s mission is to promote sustainable energy. We can’t do that. “
“It looks like Bitcoin is moving more towards renewable energy and a number of coal-powered mining farms have closed, particularly in China. I need time to confirm that renewable energy use is most likely at or above 50% and that number is increasing. If so, Tesla will continue to accept Bitcoin. “
Screenshot from “The Word”
In May, Elon Musk announced that Tesla would no longer accept payments in Bitcoin due to the network’s “increasing use of fossil fuels”. Bitcoin price then fell below $ 40,000 for the first time since February. Elon Musk later made it clear that Tesla will continue to accept Bitcoin if it is confirmed that miners are consuming more than 50% of clean energy “with a positive trend into the future”.
Musk also responded to several claims by experts that he staged a pump-and-dump scheme with his social media posts about cryptocurrencies like Bitcoin and Dogecoin (DOGE).
The Tesla CEO said the only three “significant” assets he owns besides SpaceX and Tesla shares are Bitcoin, DOGE and Ether, neither Musk nor Tesla have sold Bitcoin since the announcement.
“When the price of Bitcoin falls, I lose money. I can pump but I won’t tip. It’s not like I buy expensive and then sell or anything. “
As Cointelegraph reported, Musk said back in April that Tesla had sold part of its Bitcoin holdings – with proceeds of around $ 272 million at the time – to instead demonstrate the asset’s liquidity. The Tesla CEO didn’t reveal how many crypto assets he personally owns, but once boasted that he bought Dogecoin for his son, who was less than a year old.
Mr. Teacher
According to Cointelegraph
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