Electric car mogul Elon Musk has said his company Tesla (TSLA) will likely resume accepting bitcoin (BTC-USD) for vehicle purchases, a turnaround on his cryptocurrency stance.
Justifying the decision, he said Wednesday at the B-Word conference, an event hosted by the Crypto Council for Innovation: “It looks like bitcoin is turning more to renewables and a bunch of coal-fired power plants. intensive use that were being used. ..were closed, especially in China.
“I want to do a little more due diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a trend for that number to increase.”
If so, Tesla will likely re-embrace bitcoin sales, he said.
Prices rose following the comments, with bitcoin heading 4.4% up to $ 32,159 (£ 23,423) in early London exchanges.
Ethereum (ETH-USD), the second most popular cryptocurrency, also gained 7.3% in early exchanges, breaking the $ 2,000 mark.
In May, Musk stopped using bitcoin for car purchases over questions about its environmental impact, a move that wiped out 10% of bitcoin’s value in one day.
Using bitcoin to buy Tesla’s electric vehicles had highlighted a dichotomy between Musk’s reputation as an environmentalist and the use of his popularity and stature as one of the wealthiest people. of the world to support cryptocurrencies.
Some Tesla investors, as well as environmentalists, are increasingly critical of how bitcoin is “mined” using large amounts of electricity generated from fossil fuels.
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Since then, there has been a crackdown on mining in China, with many expelled from the country.
The price of cryptocurrency has convulsed in recent months following various actions by states and countries, hitting all-time highs of over $ 63,000 in April to trade at around half of it. some months later.
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