Musk: Tesla is likely to take over Bitcoin payment system

Elon Musk said Tesla will likely resume accepting bitcoin payments when 50% of mining power comes from renewable sources. Musk admitted he owns bitcoin and hopes to see digital currency succeed

Tesla CEO Elon Musk has assured cryptocurrency fans that the electric vehicle company will likely resume accepting bitcoin as a payment method if the renewable energy consumption of bitcoin mining reaches 50%.

“Tesla’s mission is accelerating the advent of sustainable energy,” Musk said Wednesday during a virtual panel at The B-Word conference, an event hosted by the Crypto Council for Innovation. “We can’t be the company that does this and not do proper due diligence on energy use. “

Musk went on to say that he has seen the mining industry turn to renewables and once half of bitcoin mining is done using renewables, Tesla will reconsider bitcoin payments.

“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 tendency for that number to increase,” he said. -he declares. “If this is the case, Tesla will most likely start accepting bitcoin again. ”

Musk announced via Twitter in May that the company would stop allowing customers to pay in bitcoin, citing environmental concerns as the reason. The move resulted in a massive price drop for the world’s largest digital currency and earned Must harsh criticism from the bitcoin community.

On Wednesday, Musk appeared to try to distance himself from that narrative, insisting that his decision was not to his benefit either.

“If the price of Bitcoin goes down, I lose money,” he said. “I could pump, but I’m not vacuuming. ”

Musk insisted that he hopes to see bitcoin succeed, and renewables will be a big part of that. The other panelists agreed.

“Bitcoin is also an incentive for a lot of innovation in the energy field.” said Jack Dorsey, co-founder and CEO of Twitter, and founder and CEO of Square. “Just imagine all the unused energy that is wasted every day. ”

Musk’s comments came shortly after SpaceX, the aerospace company he founded in 2002, made headlines. Competitor Blue Origin, Jeff Bezos’ company, completed its first successful manned launch on Tuesday. SpaceX has yet to do the same. The space race between billionaires has begun.

Musk’s critics argue that the environmental impact of rocket launches should be of greater concern than emissions from Bitcoin mining platforms.

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