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Elon Musk Says Bitcoin May Have Already Reached Its Renewable Energy Benchmark



Tesla CEO Elon Musk has hinted that the crypto industry is on a path to a greener future, but the automaker is yet to accept Bitcoin payments.

Speaking to The ₿ Word, a virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Cathie Wood of Ark Invest and Square Crypto moderator Steve Lee, Musk mentionned that Tesla would ‘most likely’ consider resuming crypto payments for its vehicles – CEO policy mentionned the company would shut down in May – but said it needed to be diligent before making a decision.

“There appears to be a positive trend in the energy use of Bitcoin,” Musk said, also expressing skepticism about the speed at which the grid has moved towards green energy sources. “It is impossible to double or triple the amount of energy in such a short time with renewable energies. […] Tesla’s mission is to accelerate sustainable energy. We cannot be the company that does this and not do proper due diligence on Bitcoin’s energy consumption. “

He added:

“It seems Bitcoin is turning a lot more to renewables and a bunch of heavy-duty coal-fired power plants that were unequivocally in use have been shut down, especially in China. I want to do a little more diligence to confirm that the percentage of renewable energy use is most likely equal to or greater than 50% and that there is a trend for that number to increase. If so, Tesla will resume accepting Bitcoin.

Related: Elon Musk agrees to speak with Twitter CEO Jack Dorsey at Bitcoin event

Screenshot of The word ₿

In May, Musk announced that Tesla would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels”. The price of the crypto asset then fell below $ 40,000 for the first time since February. Tesla CEO later clarified that the the company would resume BTC transactions when it was confirmed that miners were using more than 50% clean energy “with a positive future trend”.

Musk also addressed some of the claims by professionals that he had orchestrated a pumping and emptying system given his social media posts on cryptocurrencies, including BTC and Dogecoin (DOGE). He said the only three assets “of any importance” he owned outside of SpaceX and Tesla shares were BTC, DOGE and Ether (ETH), and that neither he nor Tesla had sold Bitcoin since the announcement of the cessation of crypto payments.

“If the price of Bitcoin goes down, I lose money,” Musk said:

“I could pump, but I’m not vacuuming. I really don’t believe in raising the price and selling it or anything like that.

Related: No, Musk, don’t blame Bitcoin for dirty energy – The problem runs deeper

As Cointelegraph reported, Musk said in April that Tesla had sold part of its Bitcoin holdings – with net proceeds of around $ 272 million at the time – to prove asset liquidity as an alternative to cash. He did not disclose how much of the crypto asset he personally owns, but said even her one year old son owns Dogecoin.