Bitcoin may have already hit benchmark on renewable energy: Said Elon Musk on "The B Word"

Tesla CEO hinted that the crypto industry is on its way toward a greener future, but the company won’t be accepting Bitcoin payments just yet.

Bitcoin may have already hit benchmark on renewable energy: Said Elon Musk on "The B Word"

While speaking at "The B Word" — a virtual Bitcoin event with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood, and moderator Steve Lee from Square Crypto — Elon Musk said that Tesla would consider resuming cryptocurrency payments for its vehicles but he needed to exercise diligence before making the decision.

"I want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number," Musk said.

“There appears to be a positive trend in the energy usage of Bitcoin,” Musk emphasized, “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 accelerating sustainable energy. We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”

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

Back in May, Musk announced that Tesla is suspending Bitcoin payments over environmental concerns. Later he clarified that the company would resume accepting Bitcoin when there was confirmation miners were using more than 50% clean energy with a positive future trend.

Musk also addressed some of the allegations from professionals that he had orchestrated a pump-and-dump scheme given his social media posts on cryptocurrencies including BTC and DOGE. He said the only three assets of any significance that he owned outside of SpaceX and Tesla stock were BTC, DOGE, and Ether, and that neither he nor Tesla had sold any Bitcoin since the announcement stopping crypto payments.

“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,” he said.

Read: BNY Mellon joins State Street to offer new cryptocurrency exchange

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