Bitcoin recovers after Elon Musk says Tesla will “most likely” accept it again | Business news
Bitcoin’s price rose after Elon Musk said his electric car maker Tesla would “most likely” accept the cryptocurrency again.
It’s the tech entrepreneur’s most recent change of course – after Tesla announced earlier this year it would accept Bitcoin for vehicle purchases, but then stopped doing so in May.
Bitcoin rose 8% to more than $ 32,000 in the comments late Wednesday after suffering further volatility earlier this week that caused it to drop below $ 30,000.
Tesla’s decision stop accepting bitcoin was over of concern the way in which the cryptocurrency is “mined” with large amounts of energy obtained from fossil fuels.
But Mr Musk sounded more positive when speaking at a conference about the reasons for the move.
“I wanted a bit more due diligence to confirm that the renewable energy share is most likely at or. lies
over 50%, and that there is a trend to increase that number and if so, Tesla would accept bitcoin again, ”he said.
“Most likely the answer is that Tesla would accept Bitcoin again.
“Tesla’s mission is to accelerate the emergence of sustainable energy.”
“We cannot be the company that does that and also does not take reasonable care of Bitcoin’s energy consumption.”
Bitcoin saw a surge in value earlier this year, but after peaking at $ 65,000, it went through a volatile period – thanks to Tesla’s shift in attitude and growth Regulation Threat in China.
Figures published by the Financial Conduct Authority last month has shown An estimated 2.3 million adults in the UK now own crypto assets like Bitcoin – despite warnings about the risks involved.