Elon Musk Says Bitcoin May Have Already Reached Its Renewable Energy Benchmark


Tesla CEO Elon Musk has hinted that the crypto industry is on a path to a greener future, but the automaker is yet to accept Bitcoin payments.

Speaking at The ₿ Word, a Virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Cathie Wood of Ark Invest and Moderator Steve Lee of Square Crypto, Musk said Tesla would “very likely” consider taking over crypto payments for his vehicles – a policy the CEO mentionned the company would shut down in May – but said it needed to be diligent before making a decision.

“There appears to be a positive trend in the energy use of Bitcoin,” Musk said, also expressing skepticism about the speed at which the grid has moved towards green energy sources. “It is impossible to double or triple the amount of energy in such a short time with renewable energies. […] Tesla’s mission is to accelerate sustainable energy. We cannot be the company that does this and not do proper due diligence on Bitcoin’s energy consumption. “

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He added:

“It looks like Bitcoin is turning a lot more to renewables and a bunch of heavy-duty coal-fired power plants that were unequivocally in use have been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a trend for that number to increase. If so, Tesla will resume accepting Bitcoin.

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Screenshot of The ₿ Word

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 then clarified that the company would resume BTC trading when it was confirmed that miners were using more than 50% clean energy “with a positive future trend.”

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Musk has also responded to some of the claims from professionals that he orchestrated a pump and dump system given his social media posts on cryptocurrencies, including BTC and Dogecoin (DOGE). He said the only three “significant” assets he owned outside of SpaceX and Tesla shares were BTC, DOGE and Ether (ETH), and that neither he nor Tesla had sold Bitcoin since. announcement of the end of crypto payments.

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“If the price of Bitcoin goes down, I lose money,” Musk said:

“I could pump, but I’m not vacuuming. I really don’t believe in raising the price and selling it or anything like that.

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As UKTN reported, Musk said in April that Tesla sold some 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 did not disclose how much of the crypto asset he personally owns, but did say that even his one-year-old son owned Dogecoin.