Bitcoin Value Up 8% As Elon Musk Says Tesla Will Resume Accepting Bitcoins

Bitcoin investors today took a sigh of relief as Elon Musk announced that Tesla could likely accept the fluctuating cryptocurrency, which also resulted in the value of bitcoin soaring by 8 percent.

Reuters

Also Read: Bitcoin Crashes Below $30,000 For The First Time In A Month?

In case you don’t remember, Tesla had announced in May that it would no longer accept Bitcoins as a mode of currency due to the environmental impact caused by mining those coins, causing the value of the cryptocurrency to plummet considerably. This came just 49 days after it agreed to accept the cryptocurrency in the first place.

The recent announcement of re-acceptance of Bitcoins was made by Musk at the B World conference on Wednesday alongside Twitter CEO Jack Dorsey, who has also been a prominent crypto advocate.

Musk revealed that crypto mining has started to shift more towards renewable energy, “It looks like Bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used have been shut down, especially in China. I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin.”

Also Read:?Bitcoin Value Rises Over $60,000: Reasons Behind Insane Spike

This also came just a day after Bitcoin fell below the $30,000 value. With this news, the value is sitting at around $32,098 at the time of writing this.?

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Also Read:?China Bans Financial Institutions From Transacting In Bitcoins

Speaking about the volatility of bitcoin he admitted how he personally and his companies had experienced huge losses with the prices tumbling.?

“SpaceX, Tesla, and I own Bitcoin. We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”

He added, “I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”