Tuesday, October 19, 2021

Elon Musk Confirms Tesla Will Start Accepting Bitcoin Again, BTC Skyrockets

Elon Musk, the CEO of the popular electric car manufacturing company, Tesla, has revealed recently that the firm will soon restart the acceptance of Bitcoin (BTC) as a means of purchasing its vehicles.

Musk shared this with the crypto community during his appearance at “The B Word,” a virtual Bitcoin conference that took place on 21st July 2021.

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In the course of the conference, the billionaire entrepreneur pointed out that Tesla will start accepting Bitcoin once again. He also emphasized the necessity of renewable energy, which he thinks is the future of the cryptocurrency industry.

Elon Musk noted:

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%. If so, Tesla will most likely resume accepting Bitcoin.”

It can be recalled that in March 2021, Tesla incorporated Bitcoin (BTC) as a payment option on its platform, but suspended the flagship cryptocurrency a few months later, citing the use of fossil fuel by miners rather than renewable energy.

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Although Musk has not mentioned the particular date of restoring Bitcoin on the Tesla platform, his statement implies that the restoration could play out anytime soon.

In his statement, he emphasized the fact that the Bitcoin mining industry is gradually shifting toward the renewable energy narrative, referencing the fact that China has started to shut down Bitcoin miners that are majorly powered by coal.

Elon Musk Confirms He Owns Ethereum (ETH) and SpaceX Holds Bitcoin (BTC)

During the Bitcoin conference, the billionaire entrepreneur also disclosed that he personally owns a small stash of Ethereum and that SpaceX, the space exploration company he founded, currently holds Bitcoin (BTC).

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Elon Musk noted:

“I do own Bitcoin, and Tesla owns it, and SpaceX owns it… and I own a little bit of Ethereum and, of course, Dogecoin.

“In general I’m a supporter of Bitcoin and the idea of cryptocurrency…But as I said publicly, we need to watch out for crypto taking, especially Bitcoin, using proof of work to maybe use energy that’s maybe a bit too much and not necessarily good for the environment…Bitcoin does some things well, and it’s evolving… Usability for the average person is not very good, but it has a lot of potential.”

Read Also: Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

Bitcoin (BTC) in the Market

Meanwhile, the price of Bitcoin (BTC) has been in a positive trend since Elon Musk made it public that Tesla will soon start accepting the cryptocurrency once again.

Earlier on 21st July, Bitcoin was trading below the $30,000 support level, but this changed as soon as Elon Musk’s disclosure appeared in the news. At the time of filing this report, BTC is trading at $32,254.65, with a relatively 5% price uptrend in the last 24 hours.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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