Bitcoin rises when Elon Musk says Tesla is likely to accept it again

Elon Musk, CEO of Tesla and SpaceX.

Elon Musk, CEO of Tesla and SpaceX.

Bitcoin jumped over $ 30,000 as Elon Musk said it was “most likely” that Tesla would start accepting it as a payment again.

Electric car makers said in May that they would no longer accept cryptocurrencies for purchase.

He cited concerns about the environmental impact of Bitcoin mining, which uses large amounts of electricity.

This move came less than two months after the company began accepting the world’s largest digital currency as payment.

“Probably the answer is that Tesla will resume accepting Bitcoin,” Musk said at the B-Word Cryptocurrency Conference.

He also said he was investigating fossil fuel usage in Bitcoin mining. “We needed a little more due diligence to make sure that renewable energy usage was most likely to be above 50% and tended to increase. That number, if so, Tesla Bitcoin Will resume acceptance. “

Some Tesla investors and environmentalists attacked Tesla’s decision to start accepting Bitcoin as a payment earlier this year.

The controversy has highlighted the problem of what is considered an eco-friendly electric vehicle purchased using energy-intensive cryptocurrencies.

Given that Bitcoin mining uses large amounts of electricity, there is growing concern about whether the energy comes from fossil fuels or renewable energy sources.

Mr. Musk was also criticized for using his popularity and status as one of the wealthiest people in the world to support cryptocurrencies.

When appearing at the B-word conference, Musk said he personally owns Bitcoin and cryptocurrencies Ethereum and Dogecoin, as well as Bitcoin owned by Tesla and his rocket company SpaceX.

He also addressed the claim that he helped artificially raise the price before selling cryptocurrencies: “I may pump, but I won’t throw it away … Bitcoin I want to see it succeed. “

Other speakers at the B Word conference included Twitter CEO Jack Dorsey and ARK Investment Management boss Cathie Wood.

Following his comments, Bitcoin was up 6% to $ 31,952 and Ethereum was up 10.6% to $ 1,979, according to data on the CoinDesk website.

You may also be interested:

Posted on