Elon Musk appears to have changed his mind regarding bitcoin. Yet again. SpaceX’s billionaire founder said that Tesla would accept bitcoin again after it dropped the cryptocurrency due to environmental concerns.
Musk stated that bitcoin was shifting towards renewables. However, there was no evidence in a livestream discussion with Jack Dorsey at the B Word Conference.
Musk said, “I wanted to do more diligence to confirm the percentage of renewable energies usage is most likely at, or above 50% and that there is an trend towards increasing that number. If so, Tesla would resume accepting Bitcoin,” Musk added.
“Most likely, Tesla would accept bitcoin again,” said Musk. Musk said that it was most likely.
After Musk’s announcement, bitcoin prices soared to over $32,000. This is a predictable outcome whenever Musk comments on the world made up of fake digital money.
Tesla started accepting bitcoin in , only to reverse course less than two months later. Musk stated that he was concerned about the impact bitcoin has on the environment, as it requires a lot of energy to mine. However, the environmental issues surrounding bitcoin are well-known for many years. Cynics will likely conclude that Musk is simply trying to manipulate bitcoin’s price.
Musk appears to be ready to answer the charge. He made a strange assertion during the livestream that he didn’t attempt to lower the bitcoin price.
Musk stated that the three things Musk owns, besides SpaceX and Tesla and obviously Neuralink and Boring Company, are bitcoin by far and some Ethereum and some Doge.
“If bitcoin prices fall, I will lose my money,” he said. The billionaire said that he might pump, but he doesn’t dump. “I don’t believe in selling, getting the price up or any other similar behavior.
Musk, as CEO and owner of Tesla stock, could lose a lot of cash if bitcoin prices fall. This is despite the fact that the car maker revealed earlier this year that it had bought worth of the cryptocurrency.
Musk later stated that if I were purely financially motivated, I wouldn’t express my reticence regarding bitcoin energy usage. However, Musk was extremely defensive.
What does this mean for Tesla? When will they accept bitcoin again? We are as confident as you. But we definitely predicted Musk’s swing back to the pro-bitcoin camp.