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Elon Musk anticipates that Tesla will resume accepting Bitcoin as payment, walks back his fossil fuel concern

Published on: August 19, 2021

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Elon Musk Tesla Bitcoin is still a popular search term on the Internet these days.

The founder of the electric automobile Elon Musk claims that Tesla will possibly regard Bitcoin as a payment method. Also, coins are mined with at least 50% sustainable energy, causing the price to skyrocket.

CEO Elon Musk stated during a virtual panel discussion organized by the Crypto Council for Innovation that the company will “very likely” begin accepting bitcoin as a method of payment. If the cryptocurrency’s mining rate hits 50% renewables, echoing comments he made last month on Twitter.

“When there is confirmation of moderate (50%) clean energy consumption by miners with a favorable future trend, Tesla will restart enabling Bitcoin transactions,” he tweeted in June.

When Musk said in May that Tesla will cease taking bitcoin as payment. Because the so-called mining of the currencies required too much fossil fuel-generated energy, the price of bitcoin plummeted.

“I wanted a little bit more due 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 Tesla would resume accepting bitcoin,” Musk stated.

Most likely the answer is that Elon Musk Tesla would resume accepting bitcoin.

The usage of bitcoin to purchase Tesla’s electric automobiles highlighted a contradiction between Musk’s ecological reputation and his use of his celebrity and wealth as one of the world’s wealthiest individuals to promote cryptocurrencies.

Some Tesla investors, as well as environmentalists, have become increasingly critical of the way bitcoin is “mined”. Which uses massive amounts of fossil-fuel-generated electricity.

However, more digital currency miners are attempting to employ renewable energy to reduce their environmental effects.

During a rally in El Salvador, a lady walks past a sign that reads “No to Bitcoin.” Bitcoin prices are falling in response to the EU’s request to make payments traceable and the development of “stable currencies.”

Tesla’s goal is to hasten the arrival of renewable energy. We can’t be the business accomplishing that while simultaneously failing to conduct due diligence on bitcoin’s energy usage. This is what he said.

Apart from the bitcoin that Tesla and SpaceX held, Musk said that he personally owned bitcoin, Ethereum, and dogecoin.

“I might pump, but I don’t dump,” Musk said. He definitely does not believe in getting the price high and selling and he wants to see Bitcoin success.