Tesla CEO Elon Musk has hinted that the crypto industry is on its way to a greener future, but Tesla won’t accept bitcoin payments just yet.
Speaking at “The ₿ Word” – a Bitcoin (BTC) virtual event with Twitter CEO Jack Dorsey, Cathie Wood from Ark Invest and host Steve Lee from Square Crypto – Musk said Tesla was “most likely” considering crypto – Resuming payments for its vehicles – a policy of the CEO said The company would stop in May – but said he must exercise due care before making a decision.
“There appears to be a positive trend in Bitcoin’s energy consumption,” Musk said, also expressing skepticism about the speed with which the network has switched to green energy sources. “With renewables, the amount of energy cannot be doubled or tripled in such a short time […] Tesla’s mission is to accelerate sustainable energy. We cannot be the company that does this and does not properly respect Bitcoin’s energy consumption. “
“It looks like Bitcoin is shifting a lot more towards renewable energy and a number of the high-performance coal-fired power plants that were clearly in use have been shut down, particularly in China. I would like to take a little more care to confirm that the share of renewables is most likely at or above 50% and that there is a trend to increase that. If so, Tesla will continue to accept Bitcoin. “
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In May, Musk announced that Tesla would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels”. The price of the crypto asset then fell below $ 40,000 for the first time since February. Tesla’s CEO later made it clear that the company would resume BTC transactions if it was confirmed that the miners were using more than 50% clean energy “with a positive future trend.”
Musk also addressed some of the allegations from professionals that he orchestrated a pump-and-dump program in view of his social media posts on cryptocurrencies like BTC and Dogecoin (DOGE). He said the only three “significant” assets he owns outside of SpaceX and Tesla shares are BTC, DOGE and Ether (ETH), and that neither he nor Tesla has been selling Bitcoin since announcing it would stop crypto payments would have.
“If the price of Bitcoin goes down, I’ll lose money,” Musk said:
“I could pump, but I’m not tipping over. I definitely don’t believe in driving up the price and selling it or anything like that. “
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As Cointelegraph reported, Musk said in April that Tesla had sold part of its Bitcoin holdings – with net proceeds of around $ 272 million at the time – to prove the asset’s liquidity as an alternative to cash. He didn’t reveal how much of the crypto asset he personally owns, but said that even his one-year-old son owns Dogecoin.