The price of bitcoin has risen as Elon Musk’s Tesla is rumored to be considering accepting cryptocurrency as payment.
BITCOIN’s price jumped 8% after Elon Musk admitted that Tesla, the electric car company, is likely to accept the cryptocurrency as a valid form of payment in the near future.
The billionaire entrepreneur – and Tesla CEO – hinted at the drastic change today, saying it would take effect when the company undertakes due diligence on the amount of renewable energy used to mine the currency. Following his statements, bitcoin jumped to £23,452.16, while ether jumped 11.6 percent to £1453.62.
In extended trading, Tesla’s stock was down 0.8 percent at £477.86.
Mr Musk’s remarks at the B Word conference come after Tesla said in May that it will no longer accept bitcoin for car purchases, less than two months after it began taking the world’s largest digital currency.
”I wanted to do a little more due diligence to check that the amount of renewable energy usage is most likely at or over 50%, and that there is a tendency toward increasing that figure, and if there is, Tesla would resume accepting bitcoin,” he stated.
Tesla would most likely resume taking bitcoin as payment.
Elon Musk is a billionaire entrepreneur.
“It’s most likely that Tesla will resume taking bitcoin.”
The usage of bitcoin to purchase Tesla’s electric automobiles revealed a contradiction between Mr Musk’s green reputation and his use of his celebrity and wealth as one of the world’s wealthiest individuals to back cryptocurrencies.
Some Tesla investors, as well as environmentalists, have become more skeptical of the way bitcoin is “mined” with massive amounts of fossil-fuel-generated electricity.
However, more digital currency miners are attempting to employ renewable energy to reduce their environmental impact.
“Tesla’s objective is to accelerate the advent of sustainable energy,” Mr Musk stated.
‘We can’t be the company that does that while also failing to conduct proper due diligence on bitcoin’s energy usage.”
Apart from bitcoin that Tesla and SpaceX owned, he noted that he personally owned bitcoin, ethereum, and dogecoin.
“I might pump, but I don’t dump,” Mr Musk explained.
“I don’t believe in setting a high price and then selling it.
“I want bitcoin to be a success.”
After investors. “Brinkwire Summary News”. Bitcoin had been stuck in a rather narrow trading range in previous weeks.