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Elon Musk: Tesla will resume accepting Bitcoin on this condition

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3 years ago

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Tesla Invests $1.5 Billion in Bitcoin, Price Hits New ATH

Elon Musk, the founder of Tesla and SpaceX, said in a tweet on Sunday that Tesla will resume accepting Bitcoin as a payment method. Elon Musk suspended Bitcoin payments at Tesla back in May citing environmental harm from the cryptocurrency mining.

Bitcoin (BTC) price is up by 12.83% from the last 24h at press time. At press time it’s trading at $39,539 with a dominance of 45.2%.

Tesla to Resume Accepting Bitcoin as a Payment on This Condition

According to the tweet by Elon Musk, Tesla will resume accepting Bitcoin as a payment method once the clean energy usage by miners reaches (~50%).

The tweet reads, “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.”

The price of Bitcoin started falling after Elon Musk suspended BTC as payment for Tesla. But the recent tweet by Elon Musk seems to be in support of Bitcoin that’s why the price jumps 12% today.

Tesla Still Holding Its Bitcoin

Elon Musk also revealed in his tweet that Tesla has only sold ~10% of its BTC holding in order to prove its liquidity.

Elon Musk while replying to the Cointelegraph article publication related to recent accusations from Magda Wierzycka, CEO of fintech firm Sygnia reveals the Tesla BTC holding.

The tweet reads, “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

Musk also met last month with North American miners to discuss the way to make Bitcoin greener. “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising” reads the tweet by Elon Musk.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.