Elon Musk Changes His Mind About Bitcoin

Electric Vehicles / Comments

Tesla could start accepting the cryptocurrency payments again.

Tesla has always done things differently, so it came as no surprise when Elon Musk announced earlier this year that you could buy a Model S using the cryptocurrency Bitcoin, the world's largest digital currency. Ultimately, this was short-lived as Tesla stopped accepting Bitcoin payments back in May, citing concerns about the environmental impact of Bitcoin mining that uses a lot of electricity generated by fossil fuels.

Obviously, an environmentally-friendly car company accepting a form of currency that's harmful to the environment isn't a good look. Two months later, however, it looks like Elon Musk is changing his mind about Bitcoin.

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As reported by Reuters, Musk has hinted that Tesla will accept Bitcoin payments again soon - but only if more renewable energy sources are used for Bitcoin mining to minimize the impact on the environment.

"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 said during the B Word conference. "Most likely the answer is that Tesla would resume accepting bitcoin." After Musk hinted that Tesla will soon accept Bitcoin payments, the value of Bitcoin increased by eight percent to $32,160.16.

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"Tesla's mission is accelerating the advent of sustainable energy. We can't be the company that does that and also not do appropriate diligence on the energy usage of Bitcoin," Musk added. With Tesla buying $1.5 billion in Bitcoin earlier this year, Musk has made it clear he's an advocate of the currency.

During the conference, he also revealed that he personally owns Dogecoin and Ethereum. "I might pump, but I don't dump. I definitely do not believe in getting the price high and selling … I would like to see Bitcoin succeed," he said. If Tesla's next gamble with Bitcoin is successful, we won't be surprised if other automakers start accepting the digital currency too.

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Source Credits: Reuters

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