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Elon Musk Says Tesla Will "Most Likely" Resume Accepting Bitcoin

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Wed, 07/21/2021 - 18:43
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Alex Dovbnya
Elon Musk also claims that he doesn't intend to sell his Bitcoin
Elon Musk Says Tesla Will "Most Likely" Resume Accepting Bitcoin
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Tesla CEO Elon Musk said that Tesla would "most likely" resume accepting Bitcoin payments, but it needs to do some more due diligence to make sure that its green energy use is above the 50 percent threshold during "The B Word" conference: 

Most likely, Tesla would resume accepting Bitcoin.        

The entrepreneur noted that that Bitcoin's energy use had gone up due to its Tesla-driven price rally earlier this year but also acknowledged that its energy mix was shifting toward renewables due to China banning the mining industry: 

It looks like bitcoin is shifting more towards renewable and it looks like some coal plants in China have been shut down … There is a trend towards more than 50% renewables. In that case, Tesla would resume accepting Bitcoin.

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He believes that renewable energy will be the cheapest form of mining.  

Musk has reaffirmed his support for Bitcoin, claiming that he doesn't engage in pumping and dumping the largest cryptocurrency:  

If the price of bitcoin goes down, I lose money. I might pump but I don’t dump.

He said that he would like Bitcoin to succeed, claiming that it's his biggest holding.

As reported by U.Today, Musk also personally holds Ethereum and Dogecoin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.