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.