Palo Alto’s Tesla will ‘most likely’ restart accepting bitcoin as payments, says Musk

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Palo Alto’s Tesla will ‘most likely’ restart accepting bitcoin as payments, says Musk

On Wednesday, Tesla Inc. Chief Elon Musk, the world’s second-richest man having had net assets worth of $160.7 billion as of July 21, 2021, said in a conference that the EV industry trailblazer Tesla Inc would ‘most likely’ resume accepting payments in bitcoins once the original crypto asset would conduct an overhaul on the amount of renewable energy use in crypto mining, skyrocketing the digital asset more than 8 per cent higher to $32,160.16.

Speaking at the B Word conference, voicing a cautious optimism about accepting bitcoin as a payment method for Tesla vehicles and services, Musk said, “I wanted a little bit more due 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, and if so Tesla would resume accepting bitcoin…Most likely the answer is that Tesla would resume accepting bitcoin.

Tesla's mission is accelerating the advent of sustainable energy. We can't be the company that does that and also not do appropriate diligence on the energy usage of bitcoin…I might pump, but I don't dump, I definitely do not believe in getting the price high and selling ...

I would like to see bitcoin succeed”. Tesla Inc Chief Musk had also added that he had been holding a substantial volume of digital assets in bitcoin, Ethereum and dogecoin apart from a $1 billion worth of bitcoin that the SpaceX, Elon Musk’s space venture, alongside Tesla Inc.


Tesla Inc ‘most likely’ to resume accepting payment in bitcoin

Tesla’s use of bitcoin as a payment method had underscored a sheer controversy given Musk’s reputation as an environmentalist alongside the amount of fossil-fuel generated electricity having been used to mine cryptocurrencies around the globe.

Nonetheless, Musk’s latest remarks at the B Ward Conference came against the backdrop of a Tesla Inc decision to drop off bitcoin as a payment method for Tesla services and products in May, just two months after the e-vehicle industry megalith had begun to accept bitcoin as a legitimate payment mode.

However, following Musk’s comments, Ethereum scaled 11.6 per cent higher to $1,993.36 and Bitcoin was last trading 8 per cent higher on late-afternoon US session as beforementioned, while Tesla Inc shares fell 0.80 per cent to $655.29 apiece.