Elon Musk: Tesla Will Resume Allowing Bitcoin Transactions With One Condition

1 month ago

If at least 50% of the energy used for Bitcoin mining comes from renewable sources, Tesla will reconsider allowing BTC transactions once more.

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After Tesla stopped accepting Bitcoin as a payment method for its electric cars back in May, Elon Musk has stated that his company would resume receiving Bitcoin transactions, with one condition dependent on the energy consumption.

  • Exactly one month following Tesla’s announcement of halting bitcoin payments, Elon Musk has said on Sunday that the electric vehicle manufacturer will resume allowing BTC transactions. However, there’s one condition: at least 50% of the energy used for bitcoin mining must be from clean energy sources. 

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

  • The tweet was in reply to Magda Wierzycka, one of the richest women in South Africa and CEO of Sygnia, who blamed Musk for pumping and dumping bitcoin for his own benefit. 

  • Musk claimed that Tesla only sold 10% of holdings to confirm BTC “could be liquidated easily without moving market.” 

  • Additionally, the billionaire refused the allegations that he uses his social media influence to deliberately impact the price of BTC. However, whether he does it on purpose or not, Musk’s Twitter posts are more often than not followed by enhanced volatility.

  • After the aforementioned development in which Tesla disabled BTC payments, the asset fell by $3,000 immediately and more than 20% in the next day.

  • In contrast, when Musk clarified that Tesla still holds all of its coins days later, it caused a price surge of $2,500.

  • Today’s tweet was no different. The price of the primary cryptocurrency responded immediately to the news by a sudden increase of $1,500, breaking above the $36k resistance towards $37.5k.

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