Tesla will ‘very likely’ start accepting Bitcoin as a payment method again: Elon Musk

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Electric carmaker Tesla will most likely resume accepting Bitcoin as payments once it does its due diligence on the amount of renewable energy used to mine the currency, chief executive Elon Musk said on Wednesday in a statement. conference.

Bitcoin rose 8% to $ 32,160.16 (around Rs. 23.9 lakhs), while ether jumped 11.6% to $ 1,993.36 (around Rs. 1.4 lakhs) . Tesla shares were down 0.8% to $ 655.30 in extended trading. The price of Bitcoin in India stood at Rs. 23.7 lakhs at 10:00 am IST on July 22.

Musk’s comments at the B Word conference come after Tesla said in May it would stop accepting Bitcoin for car purchases, less than two months after the company began accepting the largest digital currency in the world. world for payment.

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“I wanted a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50%, and that there is a trend for that number to increase, and if that ‘ is the case, Tesla would start accepting Bitcoin again, ”Musk said.

“The answer is most likely that Tesla would start accepting Bitcoin again.”

Using Bitcoin to buy Tesla’s electric vehicles had highlighted a dichotomy between Musk’s reputation as an environmentalist and the use of his popularity and stature as one of the wealthiest people. of the world to support cryptocurrencies.

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Some Tesla investors, as well as environmentalists, are increasingly critical of how Bitcoin is “mined” using large amounts of electricity generated from fossil fuels.

However, more and more digital currency miners are trying to use renewable energy to mitigate the impact on the environment.

“Tesla’s mission is to accelerate the advent of sustainable energy. We cannot be the company that does it and fail to exercise due diligence when it comes to the energy consumption of Bitcoin,” Musk said.

Musk added that he personally owned Bitcoin, Ethereum, and Dogecoin, with the exception of Bitcoin which Tesla and SpaceX owned. Ethereum price in India was Rs. 1.4 lakhs and Dogecoin price in India was Rs. 14 as of 10am IST on July 22nd.

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“I could pump, but I’m not vacuuming,” Musk said. “I certainly don’t believe in increasing the price and selling… I would love to see Bitcoin succeed.”

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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