Tesla May Resume Bitcoin Payments Again Due To Negative Interest

Elon Musk said on Wednesday that Tesla will “most likely” resume taking bitcoin once the digital currency is mined with more renewable energy.

Tesla began accepting bitcoin as payment for its electric cars in March, but stopped doing so in May due to environmental worries over the cryptocurrency’s mining using fossil fuels.

Elon Musk, co-founder and CEO of Tesla Motors, poses with a Tesla during a visit to Amsterdam on January 31, 2014.
Jerry Lampen/AFP/Getty Images

Bitcoin’s price plunged by 14 percent after Tesla announced it would no longer take cryptocurrency, and it has not recovered since.

Now, Musk claims that the energy used to mine bitcoin is becoming more environmentally friendly, which may motivate Tesla to resume payments.

He said “It looks like bitcoin is shifting a lot more towards renewables and a bunch of the heavy-duty coal plants were being used … have been shut down, especially in China,”

He further added,

“I would want to do a little more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent and that there is a trend towards increasing that number. 

“Most likely the answer is that Tesla would resume accepting bitcoin.”

As per the on-screen short interview posted by SpaceX CEO on Wednesday, his Tesla account is on negative interest and he can’t bear this anymore hence switching the mode of transactions using bitcoin again.

He posted a related tweet before the interview.

People smelled what’s cooking in Elon’s mind and quickly tweeted about the things going on.

While everything was going good until the bitcoin printed t-shirt was out of camera.The t-shirt Musk was wearing shows a strong sign of evolution of money. People loved it and tweeted about the bitcoin t-shirt.

The Tech Giant further says, “Using a cryptocurrency that is mined using dirty energy would be go against Tesla’s green ethos.”

“Tesla’s mission is accelerating the advent of sustainable energy,” he stated. “We can’t be the company that does that and also not do appropriate diligence on the energy usage equipment.”

Musk made the statement at a panel discussion at the B-Word Conference, which was organised by crypto supporters such as Jack Dorsey’s Square and Cathie Wood’s tech-focused investment firm Ark Invest.

Musk disputed charges that his public statements regarding cryptocurrencies like bitcoin and dogecoin — which frequently cause markets to move — are part of a pump-and-dump operation elsewhere during the event.

Defending the allegations he said,

“If the price of bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that, so I would like to see bitcoin succeed.”

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