Bitcoin up 8 per cent as Elon Musk says Tesla will ‘likely’ accept currency again

Entrepreneur says he will do more ‘due diligence’ to ensure currency is using more renewable energy

Graeme Massie
Los Angeles
Thursday 22 July 2021 00:13
Comments
<p>Bitcoin up 8% as Elon Musk says Tesla will ‘likely’ accept currency again</p>

Bitcoin up 8% as Elon Musk says Tesla will ‘likely’ accept currency again

Leer en Español

Bitcoin’s price jumped by eight per cent as Elon Musk said Tesla was “likely” to accept the cryptocurrency again.

The entrepreneur announced in May that his electric vehicle company was suspending the use of Bitcoin to buy its cars out of a concern over the environmental impact of digital mining.

Bitcoin, the biggest of the cryptocurrencies, has seen a huge sell-off since Mr Musk made the announcement, and earlier this week fell below $30,000 for the first time in 2021.

The price of Bitcoin was up 8.53 per cent over 12 hours, according to Coindesk on Wednesday afternoon.

The technology billionaire was speaking at The ₿ Word conference on Wednesday, alongside Twitter CEO and prominent crypto advocate Jack Dorsey.

“It looks like Bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used ... have been shut down, especially in China,” said Mr Musk.

“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 per cent and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin.”

And he added that he personally, and both of his high-profile companies, had held onto Bitcoin as the price tumbled.

“SpaceX, Tesla, and I own Bitcoin,” he said.

“We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”

Tesla disclosed in February that it had invested $1.5bn in Bitcoin, and that it had sold off some in the first quarter of 2021 at a $101m profit.

The company started taking Bitcoin for its vehicles in March before reversing course 49 days later.

“I might pump but I don’t dump,” added Mr Musk.

“I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in