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“I’d like to do a little more digging to validate that the amount of renewable energy usage is most likely at or over 50%, and that there is a tendency towards increasing that number,” Tesla CEO Elon Musk stated.
Elon Musk, the CEO of Tesla, has intimated that the crypto sector is heading towards a greener future, but Tesla will not accept Bitcoin payments for the time being.
Speaking at “The ₿ Word” — a virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Ark Invest’s Cathie Wood and moderator Steve Lee from Square Crypto — Musk said that Tesla would “most likely” consider resuming crypto payments for its vehicles — a policy the CEO said the company would be stopping in May — but said he needed to exercise diligence before making a decision.
“There appears to be a positive trend in the energy usage of Bitcoin,” said Musk, alsexpressing skepticism at the speed at which the network had moved towards green energy sources. “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.”
Due to the network’s “increasingly rapid use of fossil fuels,” Musk said in May that Tesla will no longer accept Bitcoin payments. The crypto asset’s price then dropped below $40,000 for the first time since February. Tesla CEO Elon Musk later emphasised that the company would resume BTC transactions after miners were confirmed to be using more than 50% renewable energy “with a positive future trend.”
Musk also addressed some of the professional accusations that he was running a pump-and-dump strategy based on his social media posts about cryptocurrencies like Bitcoin and Dogecoin (DOGE). He claimed that BTC, DOGE, and Ether (ETH) were the only three assets “of any significance” he had outside of SpaceX and Tesla stock, and that neither he nor Tesla had sold any Bitcoin since the notification prohibiting crypto payments.
“If the price of Bitcoin goes down, I lose money,” said Musk:
“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.”
As previously reported, Musk claimed in April that Tesla had sold a portion of its Bitcoin assets — for a nett profit of $272 million at the time — in order to demonstrate the asset’s liquidity as a cash substitute. He hasn’t disclosed how much of the cryptocurrency he has himself, but he did say that his one-year-old son had some Dogecoin.