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Bitcoin Soars As Elon Musk Says Tesla ‘Likely’ To Accept It Again

Elon Musk, CEO of Tesla and SpaceX.

Bitcoin topped $ 30,000 as Elon Musk said Tesla was “very likely” to start accepting it as a form of payment again.

The electric carmaker said in May that it would no longer accept cryptocurrency for purchases.

He had raised concerns about the environmental impact of mining Bitcoin, which uses huge amounts of electricity.

The move came less than two months after the company began accepting the world’s largest digital currency as a payment method.

“The answer is most likely that Tesla would start accepting Bitcoin again,” Mr. Musk said at the B Word cryptocurrency conference.

He also said he had investigated the use of fossil fuels in Bitcoin mining: “I wanted a little more due diligence to confirm that the percentage of renewable energy use is most likely equal or above 50%, and that there is a tendency for that number to increase, and if that were the case, Tesla would start accepting Bitcoin again. “

Some Tesla investors and environmentalists attacked Tesla’s decision earlier this year to start accepting Bitcoin as a payment method.

The dispute has brought to light the problem of purchasing electric vehicles considered environmentally friendly using energy-intensive cryptocurrency.

Since Bitcoin mining uses large amounts of electricity, concerns have been raised as to whether the energy comes from fossil fuels or renewable sources.

Mr Musk has also been criticized for using his popularity and his position as one of the richest people in the world to support cryptocurrencies.

During his appearance at the B Word conference, Mr. Musk said that with Bitcoin owned by Tesla and his rocket company SpaceX, he personally owned Bitcoin and the cryptocurrencies Ethereum and Dogecoin.

He also responded to claims that he helped artificially increase the price of cryptocurrencies before selling them: “I could pump, but I’m not emptying … I certainly don’t believe in the idea of ​​increasing price and sell … I wish I would like to see Bitcoin succeed. “

Other speakers at the B Word conference included Twitter CEO Jack Dorsey and ARK Investment Management boss Cathie Wood.

As a result of his comments, Bitcoin rose 6% to $ 31,952 and Ethereum rose 10.6% more to $ 1,979, according to data from the Coindesk website.

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