Tesla Inc (NASDAQ:TSLA) DIRECTOR Elon Musk suggested on Wednesday that the electric vehicle manufacturer will resume payments in Bitcoin (CRYPTO: BTC) As due diligence preliminary findings confirm that Bitcoin is getting a lot greener.
What happened: “It looks like Bitcoin is shifting a lot more towards renewables,” Musk said in a virtual appearance at the B Word conference on Wednesday.
— Benzinga (@Benzinga) July 21, 2021
Musk noted that heavy coal-fired power plants that were being used “unambiguously” have been shut down, especially in China.
Also see: How to buy Bitcoin (BTC)
“I want to put a little more effort into confirming that the percentage of renewable energy use is most likely at or above 50% and that there is a trend to increase that number. If so, Tesla will resume Bitcoin adoption.”
BTC was trading 8.79% higher at $32,217.35 for 24 hours at the time of writing.
Why it matters: Musk reaffirmed on Wednesday that the most likely scenario was that Tesla would continue to accept Bitcoin as a means of payment.
However, the CEO pointed out that there is some skepticism about the speed at which Bitcoin is going green.
“It’s simply impossible to double or triple the amount of energy in such a short time with renewables.”
Musk pointed to the need to exercise due diligence while mentioning Tesla’s mission to accelerate renewable energy, saying, “We can’t be the company to do that and not take due diligence on Bitcoin’s energy use.”
Tesla stopped accepting Bitcoin for vehicle purchases in May referring to environmental considerations.
Last month, Musk reiterated that Tesla would start accepting BTC when there is “clear confirmation of” reasonable (~50%) clean energy consumption clean” on Twitter.
Photo: Courtesy from Heisenberg Media via Wikimedia