Musk said that Tesla would again accept Bitcoin payments for its cars if miners used at least 50% renewable energy. He noted that his company seeks to help reduce carbon dioxide emissions but needs to do due diligence.
Elon Musk, the CEO of Tesla, recently stated that Bitcoin might have reached its benchmark for renewable energy. The executive said he wanted to confirm that the percentage of renewable energy miners used was above 50%. He believes that there is a high probability that this proportion will continue to increase.
Curiously, Musk said that Tesla could once again accept Bitcoin as a means of payment for its electric cars. He noted that the condition would be that Bitcoin mining uses at least 50% renewable energy.
In May, Musk announced that the company that he leads would stop accepting Bitcoin payments. He argued that the network was increasingly using fossil fuels, which was harmful to the environment.
However, the businessman clarified that Tesla would resume BTC transactions if miners used more than 50% clean energy. In that sense, he added that this pointed to a positive future trend.
Bitcoin is on the Way to a Greener Future
Elon Musk suggested that the cryptocurrency industry was on its way to a greener future. However, he said that his company would not yet accept payments with the pioneering cryptocurrency.
The billionaire entrepreneur spoke with Jack Dorsey of Twitter, Cathie Wood of Ark Invest, and Steve Lee of Square Crypto. He said that Tesla would most likely consider resuming Bitcoin payments for its vehicles. However, he noted that they needed to do due diligence before deciding on this.
Musk sees a positive trend in energy consumption by Bitcoin miners. He explained that there was no way to double or triple the amount of energy with renewable sources in such a short period.
He stated that his company seeks to accelerate the use of sustainable energy and thus reduce the emission of greenhouse gases. The businessman said that his company could not do that without due diligence regarding the energy consumption of Bitcoin.
Furthermore, he believes that Bitcoin is shifting much more towards renewable energy. He highlighted that the Chinese government has shut down many misused carbon-heavy plants.
What Has Tesla’s Purchase of Bitcoin Been Like
Tesla bought USD 1.5 million worth of Bitcoin in the first quarter of this year. Besides, it began accepting the cryptocurrency as a means of payment in March but stopped in May, arguing environmental concerns. However, Musk recently said that the company might resume accepting Bitcoin if miners use more renewable energy.
Musk said that his financial success depends in part on the performance of that cryptocurrency. He said that he lost money when the price of Bitcoin went down. Furthermore, he claimed that he did not believe in raising the price and selling but would like Bitcoin to succeed.
This entrepreneur and investor has influenced the performance of Bitcoin and other cryptocurrencies in the last few months. Recent comments from him have helped the price of the pioneering cryptocurrency return to the USD 40,000 level.
By Alexander Salazar
