The CEO of the electric car maker has been all about the environmental impact of these digital assets these days. He even had a meeting with North American Bitcoin miners recently to discuss using renewable energy in mining, with the miners subsequently setting up Bitcoin Mining Council.
Prior to that, the vehicles company suspended accepting Bitcoin as a payment option citing environmental issues.
But in a tweet on Sunday, the billionaire crypto influencer confirmed that Tesla will resume accepting Bitcoin transactions as an alternative payment subject to miners meeting environmental standards.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
His tweet also reiterates his defense of having sold 10% of the electric vehicle maker’s Bitcoin stash in Q1 and seems to indicate that the company has not sold any of the rest.
Musk’s Sunday tweet was in response to allegations that the Tesla CEO had manipulated the Bitcoin market and the SEC should investigate him. Tesla had declared that it had purchased BTC worth $1.5 billion, and by April its stash was worth $2.5 billion.
Tesla announced Bitcoin as a payment option in February, only to suspend it early May on environmental concerns. Musk halted his company’s crypto foray after criticism that the massive energy footprint of Bitcoin is bad for the planet.
It is unclear how Musk will fact check the clean energy usage of the miners, amid a widespread debate over where the industry currently stands.
But, at least, we have a direction.
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