Tesla Inc ( NASDAQ: TSLA) CEO Elon Musk recommended Wednesday that the electrical car maker will resume accepting payments in Bitcoin (CRYPTO: BTC) if due diligence validates initial findings that Bitcoin is turning a lot greener.
What Happened: “It looks like Bitcoin is shifting a lot more towards renewables,” stated Musk at The B Word conference on Wednesday in a virtual look.
— Benzinga (@Benzinga) July 21, 2021
Musk kept in mind that sturdy coal plants that were “unequivocally” being utilized have actually been closed down, especially in China.
See Also: How To Buy Bitcoin (BTC)
“I want to do a little more 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. If so, Tesla will resume accepting Bitcoin.”
BTC traded 8.79% greater at $32,217.35 over 24 hr at press time.
Why It Matters: Musk declared on Wednesday that the most likely circumstance was Tesla would resume accepting Bitcoin as a type of payment.
However, the CEO mentioned that there exists some apprehension at the speed at which Bitcoin is turning green.
“There’s just no way you could basically double or triple the amount of energy in such a short period of time with renewables.”
Pointing towards the requirement to do diligence while mentioning Tesla’s objective of speeding up sustainable energy, Musk stated, “We can’t be the company that does that and not do appropriate diligence on the energy usage of Bitcoin.”
Tesla stopped accepting Bitcoin for car purchases in May after citing environmental concerns.
Last month, Musk duplicated that Tesla would start accepting BTC when there’s “clear confirmation of reasonable (~50%) clean energy usage” on Twitter.
Photo: Courtesy of Heisenberg Media by means of Wikimedia