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

Stock MarketsJun 13, 2021 03:05PM ET
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© 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.

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.

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

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Comments (17)
Ur Daddy
Ur Daddy Jun 14, 2021 1:57AM ET
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this arrs talks too much
William Smith
William Smith Jun 14, 2021 12:49AM ET
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As lithium mining pollutes the planet. What a hypocrite.
Henry Anderson
Henry Anderson Jun 13, 2021 11:28PM ET
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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.
Millennial Dip Buyer
Millennial Dip Buyer Jun 13, 2021 8:45PM ET
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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.
Peemil Nicho
Peemil Nicho Jun 13, 2021 7:30PM ET
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he change again 3 d later
Jan Buyle
Jan Buyle Jun 13, 2021 6:59PM ET
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Musk is playing the sheep again...
Eudon Hickey
Eudon Hickey Jun 13, 2021 6:54PM ET
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Tesla was bullied by black rock about bitcoin
Robert Cox
Robert Cox Jun 13, 2021 5:50PM ET
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Translation: stockholders are mad at me, must make up the losses somehow. What better way than another pump and dump?
Expressions Productions
Expressions Productions Jun 13, 2021 5:42PM ET
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Enough of this egotistical maniac.
Steve Bucher
Steve Bucher Jun 13, 2021 5:34PM ET
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Who cares whether Tesla accepts Bitcoins or not?
Karl Kessler
Karl Kessler Jun 13, 2021 4:42PM ET
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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.
Jan Buyle
Jan Buyle Jun 13, 2021 4:42PM ET
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Indeed...
Max German
7Max7 Jun 13, 2021 4:08PM ET
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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
Juan Bluer
Juan Bluer Jun 13, 2021 4:07PM ET
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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??
Max German
7Max7 Jun 13, 2021 4:04PM ET
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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
Shahid Mahmood
Shahid Mahmood Jun 13, 2021 3:37PM ET
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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 ..
Todd Gray
Todd Gray Jun 13, 2021 2:58PM ET
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The people seem to gravitate toward one, or another, messiah. Anything, to not think for, or grow within themselves.
MK MK
MK MK Jun 13, 2021 2:29PM ET
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Musk's sheeps, buy!
Scott Ryan
Scott Ryan Jun 13, 2021 2:29PM ET
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buying!
jake goldstein
jake goldstein Jun 13, 2021 2:29PM ET
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Baaaaaaaaaaaaaaaaaaaaaaaa.Elon will save us as he hates China.
 
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