The Tesla founder has again dominated the headlines with his announcement about opening the electric vehicle maker again for bitcoin payments, but only if one specific requirement is met.
The announcement was made exactly a month after Elon Musk halted crypto payments for his electric cars because of the pressures from environmental groups about bitcoins’ impact on nature.
With his recent announcement of reviving bitcoin payments, he highlighted a single condition that must be met.
Musk said that at least 50% of the energy used for mining bitcoin that will be paid on Tesla cars must come from clean energy.
Response to allegations
Musk posted his latest announcement on Twitter and was also a response to the allegations of Magda Wierzycka, the richest woman in Africa, that he is pumping and dumping the cryptocoin to gain a profitable edge.
Musk countered the accusation by clarifying that Tesla only sold 10% of its bitcoin holdings, which could be liquidated anytime without affecting the market.
He also denied another accusation that he is utilizing his vast social media clout to intentionally affect the value of bitcoin to his advantage.
But whether this accusation is true or not, it cannot be denied that his tweets have sweeping power over bitcoin’s value.
Going up, going down
Musk’s statements on Twitter never fail to directly impact the value of bitcoin.
For instance, with his previous announcement about halting bitcoin payments on Tesla, the cryptocoin has immediately fallen by $3,000 and more than 20% the following day.
Then days later, he clarified that Tesla is still holding all of its bitcoin assets, which caused the crypto’s value to rise again and reach a $2,500 valuation.
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