Bitcoin Soars After Elon Musk Says Tesla Would Accept Crypto If Mined Cleanly

Tesla Chief, Elon Musk on Sunday, said in a tweet that he would reconsider allowing buyers to use Bitcoin as a method of payment in exchange for Tesla cars, which resulted in the value of Bitcoins to rise considerably.

Reuters

Also Read: Tesla Rejects Bitcoins: Won't Use Bitcoin As Payment, Because It's Bad For Earth

Elon Musk, said this in a reply to allegations surrounding allegations that Musk brought the prices for the Bitcoins up and sold a massive chunk of it when he found it profitable. Musk, denying these allegations, said, ¡°This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving (the) market.¡±

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.

¡ª Elon Musk (@elonmusk) June 13, 2021

He added, ¡°When there¡¯s confirmation of reasonable (~50%) clean energy usage by miners with (a) positive future trend, Tesla will resume allowing Bitcoin transactions.¡±

This statement resulted in the prices of Bitcoin siding by 5.1 percent to $37,360 at 1810 GMT on Sunday, adding $1,817.87 to its value.

The positive trend surrounding this incident is because almost a month ago, Elon Musk, after creating a big deal about accepting Bitcoins at Tesla dealership, as well as promoting the underdog DOGECoin, announced that he would no longer accept crypto as most of it was mined using electricity generated from coal, causing irreversible harm to the environment.

Also Read: Tesla Made More Money On Bitcoins Than By Selling Cars: Here's What Happened

This dropped the value of Bitcoins by a whopping 10 percent, and resulted in a considerable fall after an exponential increase that was seen this year.

Reuters

Also Read: Want To Invest In Bitcoin? Check Out These Secure Bitcoin Exchanges

At the time, Musk had said that he believed cryptocurrency had a promising future, but it couldn¡¯t come at a great cost to the environment. What¡¯s more fascinating is that when Tesla first announced that it would accept Bitcoins, it also bought $1.5 billion worth of Bitcoin. This move surprised conglomerates and Bitcoin holders around the world, resulting in a 20 percent surge in cryptocurrency at the time.

At the time too, Musk said that he would retain its Bitcoin holdings and plans to use it when Bitcoin miners adopt a more sustainable route that doesn¡¯t involve fossil fuels harming the environment.