WASHINGTON (Sputnik) – Tesla will likely begin accepting again Bitcoin as a payment method for the electric cars it sells, Chief Executive Elon Musk said but added that he was awaiting due diligence on the amount of renewable energy that is needed to mine the cryptocurrency.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin. Most likely the answer is that Tesla would resume accepting bitcoin,” Musk said at the ‘B Word’ conference on Wednesday.
Musk’s remarks that he was open to re-accepting Bitcoin reverses Tesla’s announcement in May that the cryptocurrency cannot be used to purchase its products.
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021
“Tesla’s mission is accelerating the advent of sustainable energy,” Musk said. “We can’t be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin.”
Musk, who can move the price of Bitcoin by thousands of dollars a time when he comments on it, confirmed at the conference that the cryptocurrency “is one of the things of any significance I own” outside of Tesla and his space exploration company Space X.
“I might pump, but I don’t dump,” Musk said. “I definitely do not believe in getting the price high and selling … I would like to see Bitcoin succeed.”