Elon Musk managed to somehow crash the crypto market a few months ago, after announcing that his company, Tesla, won’t accept Bitcoin payments anymore. At least until the percentage of renewable energy used to mine it won’t be bigger, that is.
However, he just hinted that the overall industry is on the right path towards a greener future!
Tesla could once again accept crypto
During the virtual Bitcoin event “The ₿ Word”, alongside Twitter CEO Jack Dorsey, Elon Musk admitted that Tesla will “most likely” reconsider accepting crypto payments for its vehicles.
“There appears to be a positive trend in the energy use of Bitcoin,” he said while admitting that he remains skeptical regarding the speed at which the BTC network had made the switch to green energy sources.
“There’s just no way you could basically double or triple the amount of energy in such a short period of time with renewables. Tesla’s mission is to accelerate sustainable energy. We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”
…and it could once again help pump the price
Obviously, such an announcement from Elon Musk could be more than enough to give Bitcoin a huge price boost. We can all remember how the market plummeted back in May, after Tesla stopped accepting Bitcoin payments, inflicting the network’s “increasingly rapid use of fossil fuels”.
Eventually, Musk confirmed that the BTC transactions would eventually resume if miners will use more than 50% clean energy.
Finally, during the same online event, the Tesla CEO talked about some of the allegations regarding orchestrating a pump-and-dump scheme, considering his tweets on cryptocurrencies like BTC and DOGE. As expected, he denied selling any Bitcoin or any other token since the announcement regarding stopping crypto payments.
“If the price of Bitcoin goes down, I lose money,” he said. “I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling it or anything like that.”