During a live-streamed conversation with Twitter founder Jack Dorsey for the B Word Conference, Musk said “It looks like bitcoin is shifting a lot more towards renewables.”
2 min read
Elon Musk said Wednesday that his company, Tesla, would “most likely” accept Bitcoin again in the future.
During a live-streamed conversation with Twitter founder Jack Dorsey for the B Word Conference, he said “It looks like bitcoin is shifting a lot more towards renewables.”
He went on, “I wanted to do a bit more diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number and, if so, then Tesla would resume accepting bitcoin.”
Related: Crypto Experts Weigh in on Plummeting Bitcoin Valuation, $89 Billion Crypto Market Loss
Ultimately, he concluded, Tesla will probably accept bitcoin again, which sent bitcoin prices upward. Following his announcement, bitcoin surged to over $32,000.
Earlier this week, bitcoin fell below $30,000 for the first time since the end of June, wiping around $89 billion from the cryptocurrency market in the process.
Hossein Azari, a former senior scientist at Google and the founder of consumer decentralized finance company Cmorq, told Entrepreneur at that time, “Any effort to innovate has volatility. Find me a low-volatility asset that has changed people’s lives.”
The fact that Musk’s commitment to “most likely” accepting the cryptocurrency buoyed the price so quickly is a testament to that.
Related: Elon Musk Says Tesla Will No Longer Accept Bitcoin Due to Environmental Concerns
https://www.entrepreneur.com/article/378104