Musk Says Tesla to Use Bitcoin Transactions When Mining Cleaner

Tesla Inc. will allow Bitcoin transactions again if the mining of the digital coin is done with cleaner energy, Elon Musk said in a tweet on Sunday.

Transactions will resume “when there is confirmation of reasonable (~ 50%) clean energy use by miners with a positive future trend,” Musk said after confirming the electricityAutomaker had sold about 10% of its Bitcoin holdings.

The billionaire said the sale was made “to confirm that BTC can be easily liquidated without moving the market”. His tweet was in response to a report in Cointelegraph quoting Magda Wierzycka, CEO of South African wealth manager Sygnia, as saying that Musk’s recent tweets about Bitcoin should have sparked an SEC investigation.

This is imprecise. Tesla only sold ~ 10% of its holdings to confirm that BTC could easily be liquidated without moving the market.

If the confirmation of reasonable (~ 50%) clean energy consumption is confirmed by miners with a positive future trend, Tesla will allow Bitcoin transactions again.

– Elon Musk (@elonmusk) June 13, 2021

The cryptocurrency rose 4.1% to $ 37,494.43 at 2:59 p.m. in New York. The billionaire has been whipping up Bitcoin and other digital tokens with a series of social media posts over the past few months.

What’s behind Elon Musk’s Crypto Evangelism: Hyperdrive Daily

Before it’s here, it’s at the Bloomberg Terminal.


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