Tesla will ‘most likely’ start accepting bitcoin as payment, says CEO Elon Musk

Chief executive Elon Musk told a conference Wednesday that electric-car maker Tesla will most likely resume accepting bitcoin as payment once it is reasonable on the amount of renewable energy used in the currency. Will work hard

Bitcoin was up 8 per cent at $32,160.16 (approximately Rs 23.9 lakh), while ether was up 11.6 per cent at $1,993.36 (approximately Rs 1.4 lakh). Tesla shares were down 0.8 percent at $655.30 in extended trading. Bitcoin price in India is Rs. 23.7 lakh till 10 am on July 22.

Musk’s remarks at the B Word conference came after Tesla stopped accepting bitcoin for car purchases in May, less than two months after the company accepted the world’s largest digital currency for payment.

Musk said, “I wanted a little more diligence to confirm that the percentage of renewable energy use is 50 percent or more, and there is a tendency for that number to increase, and if so, Tesla will be accepting bitcoin again.” Will start” Musk said.

“The most likely answer will be that Tesla will start accepting bitcoin again.”

Tesla’s use of bitcoin to buy electric vehicles had highlighted a dichotomy between Musk’s reputation as an environmentalist and his popularity and stature as one of the world’s richest men to support cryptocurrencies. .

Some Tesla investors, along with environmentalists, are increasingly critical of the way bitcoin is “mined” using large amounts of electricity generated from fossil fuels.

However, more digital currency miners are attempting to use renewable energy to reduce the impact on the environment.

“Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company to do that and not even do due diligence on bitcoin’s energy use,” Musk said.

Musk said that he personally owns Bitcoin, Ethereum and Dogecoin, in addition to Bitcoin owned Tesla and SpaceX. Ethereum price in India is Rs. 1.4 Lakh and Dogecoin price in India is Rs. July 22 from 10 am to 14.

“I can pump, but I don’t dump,” Musk said. “I certainly don’t believe in high prices and selling… I want to see bitcoin succeed.”

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.



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