Tesla Will Resume Accepting Bitcoin When There is ‘Reasonable Clean Energy Usage by Miners,’ Musk Says

Mandatory Credit: Photo by BRITTA PEDERSEN/POOL/EPA-EFE/Shutterstock (11088639u)SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer award, in Berlin, Germany, 01 December 2020.

Bitcoin spiked again last night, following comments from Elon Musk, who tweeted that Tesla would resume accepting the crypto when there’s “reasonable clean energy usage by miners.”

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Musk’s company said in February that it had purchased $1.5 billion of bitcoin and would start accepting the crypto as a form of payment Tesla. However, in May, Musk said, “Tesla has suspended vehicle purchases using bitcoin.”

“We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk added at the time.

Yesterday, Musk reacted to comments from Magda Wierzycka, CEO of South African asset manager Sygnia, who said that Musk’s tweets on bitcoin prices were “market manipulation” and should have triggered an investigation by the U.S. Securities and Exchange Commission, according to Cointelegraph.

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“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Musk tweeted. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Bitcoin is up 12.85% in the last 24 hours and stood at $40,600 this morning, according to CoinMarketCap.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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