It’s official: Tesla will accept bitcoin again

In an event called “The B World,” Tesla big boss Elon Musk announced that the company will again accept bitcoin as payment for electric car purchases. 

He also emphasized his and his car company’s ongoing commitment to renewable energy sources for bitcoin mining.

The statement is not all talk as Musk previously required that the bitcoin he will only receive are the ones that were mined with energy sources comprising 50% of clean energy. 

Previously, Musk was forced to stop the bitcoin payment scheme in Tesla because of the mounting pressures from environmentalists about the crypto’s negative impact on the environment. 

Crypto industry’s green shift

At the event, Musk also shared that he is optimistic about resuming bitcoin payments for Tesla because he believes that the crypto industry is shifting to renewable energy. 

He also added that since most of China’s biggest coal-powered bitcoin mining facilities have been shut down, there is now a big reduction of harmful energy sources in the crypto mining sector.

But of course, Musk wouldn’t let the event pass without saying headline-grabbing statements: “I own bitcoin, Tesla owns bitcoin, SpaceX owns bitcoin.’ 

Clarification

Quickly clarifying his statement, Musk said that his company doesn’t actually “own” bitcoin but has only sizable investments in it. He also has investments in ethereum and dogecoin. 

While Musk openly says that Tesla has significant investments in bitcoin, he is privy as to what is the exact amount of his company’s investment in the cryptocurrency.

According to reports, his electric car company currently holds $1.4 billion worth of bitcoin. 

He also said that he intends to scale up cryptocurrencies using the technologies available in his Starlink satellites. 

 

Image courtesy of Cointelegraph News/YouTube

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