Musk says Tesla likely to accept bitcoin again

Musk says Tesla likely to accept bitcoin again
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Tesla CEO Elon MuskElon Reeve MuskAs inflation and government debt surge, Washington is ignoring our most critical economic crisis Hillicon Valley: Democrats introduce bill to hold platforms accountable for misinformation during health crises | Website outages hit Olympics, Amazon and major banks Musk says Tesla likely to accept bitcoin again MORE announced Wednesday that his company will likely accept bitcoin again.

Musk began accepting bitcoin as payment for Teslas in March but reversed the decision in May, citing environmental concerns. 

However, Musk said on a livestream with Twitter CEO Jack Dorsey at the B Word Conference that his environmental concerns might subside soon, Gizmodo reported.

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“It looks like bitcoin is shifting a lot more towards renewables,” Musk said. “I wanted to do a bit more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so then Tesla would resume accepting bitcoin.”

“Most likely the answer is that Tesla would resume accepting bitcoin. Most likely,” Musk added.

Musk said in his announcement in May when he decided to end bitcoin usage for his company that he would resume the cryptocurrency when it became environmentally friendly.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” Musk said.

The price of bitcoin went to $32,000 after Musk’s Wednesday announcement, as he also responded to critics saying he is just trying to manipulate the price of Bitcoin, according to Gizmodo. 

“The three things I own outside of SpaceX and Tesla — and obviously Neuralink and Boring Company — of any significance are bitcoin by far and some ethereum and some doge,” Musk said.

“If the price of bitcoin goes down, I lose money. I might pump, but I don’t dump,” he added. “I definitely do not believe in getting the price high and selling or anything like that.”