Elon Musk Says Tesla May Start Accepting Bitcoin Again

LATOKEN
3 min readJul 23, 2021

Elon Musk admitted that he sees a positive trend in the use of renewable energy sources for Bitcoin mining. Furthermore, the famous entrepreneur has confirmed plans to start accepting Bitcoin for Tesla electric vehicles.

SpaceX and Tesla CEO Elon Musk, speaking at the online conference “The B Word,” announced the purchase of bitcoins by SpaceX. The businessman also noted that he personally owns Bitcoin, Ethereum, and Dogecoin. Musk also said that Tesla plans to resume accepting bitcoins as a means of payment for its Tesla cars.

Tesla refused to accept Bitcoin payments in mid-May of this year. Then Musk criticized Bitcoin for an unsustainable way of mining it. According to the businessman, Tesla does not want to harm the environment. Therefore, it will not accept cryptocurrency as payment as soon as mining transitions to more sustainable energy sources.

In early June, MicroStrategy CEO Michael Saylor and the Bitcoin Mining Council (BMC) he created presented data according to which the share of “green” mining in the bitcoin hash rate exceeded 56%. Musk questioned the reliability of these data but admitted that “there is a positive trend” in the use of renewable energy sources for mining.

Musk also said that he intends to pay more attention to this issue to ensure that the percentage of renewable energy is likely to be 50% or more and that there is a trend towards increasing this percentage. If so, Tesla will resume accepting bitcoins.

The conference was attended by Twitter founder and CEO Jack Dorsey and ARK Invest founder Cathie Wood. Commenting on Musk’s words, Dorsey added that Bitcoin is driving a lot of energy innovation. In turn, Wood said that Bitcoin would become more environmentally friendly than the traditional financial sector and the gold mining industry in the future.

The head of ARK Invest believes that Bitcoin will become socially significant since it will be able to provide access to payment technologies to residents of regions where there is no banking service.

The company invests in Grayscale Bitcoin Trust shares as well as in companies related to the crypto industry. Cathie Wood’s company owns 9 million shares of GBTC.

In early May, Square (Jack Dorsey’s company) published a financial report for the first quarter of 2021. The income from Bitcoin investments was $3,5 billion, while the gross profit from investments in cryptocurrency was only 2% of this amount — $75 million.

Square last invested in Bitcoin in February 2021. Then the company bought a cryptocurrency for $170 million at an average price of $51 thousand. Before that, it purchased Bitcoin in October 2020.

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