Home News Elon Musk says Bitcoin has already hit its renewable energy benchmark

Elon Musk says Bitcoin has already hit its renewable energy benchmark


Elon Musk, CEO of Tesla, said that in the future, the company will again start accepting Bitcoin as a method of payment for its electric vehicles.

Musk announced this at a virtual conference called “The ₿ Word” hosted by Twitter CEO Jack Dorsey, Ark Investment Management founder Catherine Wood and Square Crypto employee Steve Lee.

In his speech, Musk confirmed that Tesla could start accepting payments in BTC again. If miners mine them using green energy sources. However, this will not happen soon, as Musk believes that the company should be careful in this matter.

He also added that he would like to conduct a more thorough review. To confirm that at least 50% of renewable energy used when mining Bitcoin. And that there is a trend towards an increase in this percentage. Elon Musk confirmed that if the trend continues, Tesla will resume accepting Bitcoins.

Elon emphasized that the company’s mission is to accelerate the emergence of sustainable energy

Tesla announced earlier this year that it has invested $ 1.5 billion in Bitcoin. And is starting to accept this cryptocurrency as payment for its products. However, Tesla announced in May that it would stop accepting Bitcoins to buy cars. This happened less than two months after the company began accepting this digital currency for payment.

At the same time, Musk said that even after the termination of accepting Bitcoins at Tesla, he didn’t sell a single coin.

Musk also added that Tesla will not sell its own Bitcoins until they mined using sustainable energy sources.

He noted that cryptocurrencies have a promising future. But should not be allowed to develop at the expense of “a huge cost to the environment”.

So, back in early June, the head of the company already said that Tesla would start accepting Bitcoins again when the receipt of this type of cryptocurrency becomes more environmentally friendly.

Note that after Musk’s statements about the unsustainability of mining, the opinion of American investors about Bitcoin has changed dramatically.

Why is the market no longer responding to Musk’s claims?

Among other things, Musk announced at The B Word that SpaceX had invested in Bitcoin. However, the market practically did not react to the businessman’s statement.

The role of Elon Musk and his influence in the cryptoindustry decreases with each of his statements. Market participants disappointed that after Musk’s comments, assets are not growing significantly, so they gradually stop paying attention to the businessman’s statements.

Thus, the participation of Elon Musk’s business in the crypto market is no longer perceived as a trigger for an impulse: now it is not so much the name of the institution that has entered the cryptocurrency that is important, but the volume of positions and the purposes for which assets are acquired.

After Musk has demonstrated his ambivalent position on cryptocurrencies, investors are less violently reacting to his statements, so no one can guarantee that tomorrow the billionaire will not announce the closure of all Bitcoin investment positions at SpaceX.

Market participants were, in a sense, vaccinated against Musk’s verbal interventions. However, this news itself is very positive and, in the long term, creates a solid foundation for Bitcoin’s growth.

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