Elon Musk clarified when Tesla will start accepting Bitcoin again
Elon Musk says Tesla will start accepting Bitcoin payments after confirmation that miners are utilizing clean energy.
The Tesla CEO responded to a Cointelegraph tweet about recent critics news from Sygnia CEO Magda Wierzycka, calling the United States Securities and Exchange Commission to investigate the billionaire for allegedly manipulating Bitcoin’s price.
According to Wierzycka, Musk knowingly pumped the price of Bitcoin only to sell a "big part of his exposure at the peak."
This is inaccurate. Tesla only sold 10% of holdings to confirm BTC could be liquidated easily without moving market.— Elon Musk (@elonmusk) June 13, 2021
When there’s confirmation of reasonable (50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
Musk responded, “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving the market.”
Back in April, Musk acknowledged that Tesla had sold a portion of its Bitcoin holdings to prove the asset's liquidity as an alternative to cash. Just a month earlier, the billionaire confirmed that Tesla added $1.5 billion worth of BTC to its balance sheet and would begin accepting the virtual asset as payment for its vehicles.
Though Tesla's BTC As Payment didn’t last long as Musk flagged concerns over the cryptocurrency's energy usage. Musk tweeted On May 12, his company would no longer accept Bitcoin payments due to the network's "increasingly rapid use of fossil fuels..."
On Sunday, Musk clarified when Tesla will once again accept Bitcoin payments:
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP— Elon Musk (@elonmusk) May 12, 2021
Musk was recently invited to a meeting of Bitcoin miners organized by MicroStrategy CEO Michael Saylor. The Bitcoin Mining Council, a voluntary self-regulating industry body, emerged from the meeting aiming to exercise more renewable energy options and boost the transparency of cryptocurrency mining. It's estimated that major crypto mining entities are already using alternative energy sources.