Tesla Chairman Elon Musk, who previously announced the discontinuation of Bitcoin payments, has once again changed his position.
Tesla's Potential Bitcoin Payment Reinstatement
During a virtual interview on July 22, Tesla CEO Elon Musk stated:
"As Bitcoin mining increases its reliance on renewable energy, Tesla may resume accepting Bitcoin as a payment method in the future."
Musk elaborated:
"I want to conduct additional due diligence to confirm that renewable energy usage likely meets or exceeds 50%, with trends showing further growth. If verified, Tesla will ultimately restore Bitcoin acceptance for vehicle purchases."
Bitcoin Mining Energy Concerns
When discussing Bitcoin mining energy consumption, Musk acknowledged:
- He doesn’t expect mining to be "as clean as snow," but emphasized avoiding "the world’s dirtiest coal."
- Highlighted hydropower, geothermal, and nuclear energy as sustainable alternatives for mining operations.
Musk’s Cryptocurrency Policy Shifts: A Timeline
| Date | Event | Bitcoin Price Impact |
|-------------|-----------------------------------------------------------------------|-------------------------------------|
| Feb 8, 2021 | Tesla buys $1.5B in Bitcoin | Surged $10K |
| Mar 24, 2021| Tesla accepts Bitcoin payments | Stable growth |
| May 13, 2021| Tesla halts Bitcoin payments due to energy concerns | Plunged $10K |
Additional Revelations
- SpaceX’s Bitcoin Holdings: Musk confirmed SpaceX also holds Bitcoin (amount undisclosed).
- Personal Crypto Portfolio: Owns Ethereum and Dogecoin; claims long-term Bitcoin holdings without plans to sell.
- Banking Frustrations: Criticized negative interest rates in Europe, suggesting funds may shift to Bitcoin.
Market Response (July 2023)
- Bitcoin: Reclaimed $30K, trading at $32,013 (+8.17% 24h).
- Ethereum: Briefly crossed $2K; settled at $1,984 (+12.66% 24h).
FAQ
Q: Why did Tesla stop accepting Bitcoin initially?
A: Due to environmental concerns about Bitcoin mining’s high fossil fuel usage.
Q: What renewable energy threshold does Musk seek for Bitcoin?
A: At least 50% renewable usage with upward trends.
Q: Does Musk own other cryptocurrencies?
A: Yes, Ethereum and Dogecoin, alongside Bitcoin.
Q: How has Musk influenced crypto prices?
A: His announcements historically cause extreme volatility (e.g., ±$10K swings).
👉 Explore Bitcoin’s renewable energy progress
👉 Latest Tesla payment policy updates
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