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Musk says Tesla will accept bitcoins when miners use more clean energy

Published 06/13/2021, 02:23 PM
Updated 06/13/2021, 03:05 PM
© Reuters. FILE PHOTO: A Tesla car is seen in Los Angeles, California, U.S., July 9, 2020.  REUTERS/Lucy Nicholson/File Photo

© Reuters. FILE PHOTO: A Tesla car is seen in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo

(Reuters) -Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.

"When there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla (NASDAQ:TSLA) will resume allowing Bitcoin transactions," he said in a tweet.

Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding $1,817.87 to its previous close, after Musk's tweet.

Musk also said that Tesla sold about 10% of holdings to confirm bitcoin could be liquidated easily without moving market.

He announced in May that Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency. Bitcoin fell more than 10% after his tweet.

© Reuters. FILE PHOTO: A Tesla car is seen in Los Angeles, California, U.S., July 9, 2020.  REUTERS/Lucy Nicholson/File Photo

The billionaire said that he believed cryptocurrency has a promising future, but it cannot be at great cost to the environment.

In February, Tesla revealed it had bought $1.5 billion of bitcoin and would accept it as a form of payment for cars.

Latest comments

this arrs talks too much
The United States and Tesla (Elon Musk) are indirectly promoting Bitcoin. Elon Musk freely pumped up cryptocurrencies and manipulated the market through his Twitter and TV Shows while the SEC forced Michael Burry to delete his Twitter account. Joe Biden talks all day about green energy, but the American government doesn't even try to regulate or ban cryptocurrencies despite their environmental concerns. In other words, Elon Musk and the American Government seem to be cooperating to promote Bitcoin to prevent the Fall of the US dollar. They are advocating Bitcoin because rising Gold, Euro, and Pound will threaten the reserve currency status of the US Dollar. (Most of Bitcoin is traded in USD, whereas Dollar recently lost to Euro as Payment Currency-SWIFT) Strangely, Elon is the Richest Man in the world, although all of his companies are not profitable. He could not have done it without the help of the American government.
Large scale and unsustainable lithium mining when supply doesn't come close to matching current and foreseen demand = okay.  Solving cryptographic hash functions using partial coal energy = not okay.  Will be interesting to see what happens when people realize you cant just swing a dead cat and mine lithium, and that its not exactly clean to process and extract.  Not all emissions are co2.
he change again 3 d later
Musk is playing the sheep again...
Tesla was bullied by black rock about bitcoin
Translation: stockholders are mad at me, must make up the losses somehow. What better way than another pump and dump?
Enough of this egotistical maniac.
Who cares whether Tesla accepts Bitcoins or not?
I'm disappointed in Musk's analysis here. A bitcoin miner that uses "clean" energy is just wasting that clean energy, when it could instead be used to replace fossil fuels in industry or the home.
Indeed...
once again he manipulated markets, sec can stop him tho remove tesla of nyse and his net worth -85B he will regret fast his joking
what a joke. why 50% when World is going 100% renewable? and selling 10% for checking the market? doesn't he trust on the crypto markets??
miners & clean energy in same line cant be its also impossible even if u put your whole roof with newest generation of solar panels a sun boiler & a geonet still the energy use will be 70% higher then a average house
Musk tweet is a brand new tripple star / red 😡🥵😡 indicator showing high impact on bitcoin trading .. e.g when a ******called by a celebrity .. she becomes a performer or star of the night ..😂😂😂
The people seem to gravitate toward one, or another, messiah. Anything, to not think for, or grow within themselves.
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