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Elon Musk lays out when Tesla will begin accepting Bitcoin payments

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Tesla will once again sell its electric vehicles for Bitcoin when the cryptocurrency becomes greener, CEO Elon Musk said. The cost of Bitcoin exceeded the $ 39 thousand mark against the background of this statement, an increase of about 10%. Thus, the cryptocurrency is gradually recovering in value after a serious fall.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions”, Musk wrote on Twitter.

Did Musk knowingly manipulate the price of Bitcoin?

The businessman said that Tesla had previously sold about 10% of its Bitcoin holdings. According to him, this was done “to confirm BTC could be liquidated easily without moving market”. Musk posted this post as a commentary on a post that cited allegations of his possible involvement in cryptocurrency fraud.

Earlier, Elon Musk’s tweets in support of Bitcoin strongly influenced cryptocurrency quotes. Including when Musk mentioned Bitcoin in his signature on his Twitter page in January this year.

That is why Sygnia director Magda Wierzycka has called on the US Securities and Exchange Commission to investigate the billionaire. According to her, Musk deliberately pumped Bitcoin in order to sell most of his reserves at the peak.

Tesla authorized the sale of cars for Bitcoin on March 24. This provoked an increase in the value of the token. This payment method was only available to customers in the United States. According to the plan in other countries, it supposed to appear this year. However, on May 13, Tesla suspended accepting Bitcoin as payment. Thus, the businessman collapsed the cryptocurrency rate by 17%. At the same time, the company said that it would not sell its Bitcoins and use it for operations.

Earlier, Anonymous hackers also approached Musk with an accusation of overly influencing the cryptocurrency rate through Twitter posts. They stated, that Elon Musk destroyed the dreams of millions of investors, “hardworking people” who have invested in cryptocurrencies.

Tesla worried about the rapidly growing use of fossil fuels

According to Musk, “cryptocurrency is a good idea on many levels” with a “promising future”, but the company cannot afford to harm the environment. “We are concerned about the rapidly growing use of fossil fuels, especially coal, which has the worst emissions, for mining and Bitcoin operations”, he explained.

The billionaire also noted that Bitcoin production highly centralized and controlled by a small number of mining companies.

MicroStrategy CEO Michael Saylor recently invited Elon Musk to a Bitcoin miners meeting. As a result, they created the Bitcoin Mining Council, which plans to increase the use of renewable energy and provide more transparency in the mining process.

Despite all the criticism of Bitcoin mining, the vast majority of miners are already using alternative energy sources.

Canadian businessman Kevin O’Leary said that Musk was pressured and forced to give up Bitcoins by Tesla shareholders.

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