Tesla most likely to restart accepting Bitcoin as payments, says Elon Musk

Musk's comments comes after Tesla said in May it would stop accepting bitcoin for car purchases.

Tesla Inc Chief Executive Officer, Elon Musk said at the B Word conference that they are most likely restart accepting bitcoins as payments once it conducts due to concentration on the amount of renewable energy used to mine the digital currency, on Wednesday.


Bitcoin was up 8 per cent at USd 32,160, while ether jumped 11.6 per cent to USD 1,993. Tesla's shares were down 0.8 per cent at USD 655 in extended trading.


Musk's comments at the conference comes after the electric-car maker Tesla said in May it would stop accepting bitcoin as payments for car purchases.


But, in less than two months, the company again began accepting the world's biggest digital currency bitcoin for payment.


Elon Musk said,"I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin".


Musk added at the conference that most likely Tesla would resume accepting Bitcoin.


The use of digital currency to buy vehicles from electric-car maker Tesla's had highlighted a polarity between Musk's reputation as an environmentalist and the use of his popularity & prominence as one of the world's richest people who is to back cryptocurrencies.


Some investors of Tesla along with some environmentalists have been critical about the way bitcoin is "mined" that is using vast amounts of electricity generated with fossil fuels.


However, more digital currency miners are making attempts to use renewable energy to lessen the impact on the environment.


Musk said that Tesla's mission is to accelerate the advent of sustainable energy. He also said that Tesla is not company that do not appropriate reduction on the energy usage of bitcoin.


He finally added at the conference that he personally owned bitcoin, ethereum and dogecoin, and apart from bitcoins that both Tesla and SpaceX owned.


India Scanner News Network

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