Tesla Might Reverse Its Decision on Cryptocurrency
Earlier this year, Tesla, the electric car manufacturer, revealed its intention to accept Bitcoin as payment for its products and services, supported by its CEO, Elon Musk. However, this decision was later reversed after Musk raised concerns about the environmental impact of cryptocurrency mining due to the significant energy consumption of crypto-mining computers. However, it appears that Musk has reconsidered his stance once more.
During a live discussion with Twitter founder Jack Dorsey, Musk mentioned, “It looks like bitcoin is shifting a lot more towards renewables,” without offering any evidence to support this claim.
“I wanted to do a bit more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so then Tesla would resume accepting bitcoin,” Musk explained.
“Most likely the answer is that Tesla would resume accepting bitcoin. Most likely,” Musk added.
Elon Musk says Tesla will likely start accepting bitcoin again https://t.co/tUmZEatDzE
— CNBC (@CNBC) July 21, 2021
Following Musk’s statement, the value of Bitcoin surged by over $32,000. It is common for the value of a cryptocurrency to fluctuate significantly when a prominent figure like Elon Musk comments on its status. Some analysts have speculated that this could have been a deliberate move by Musk to increase the value of his own Bitcoin holdings, but Musk dismissed this notion.
“The three investments I have of any significance outside of SpaceX and Tesla—and obviously Neuralink and Boring Company—are Bitcoin by far, some Ethereum, and some Dogecoin,” Musk stated.
“If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump,” he assured. “I definitely do not believe in artificially inflating the price and then selling.”
