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Bitcoin Price Jumps After Elon Musk Says Tesla Will Accept It Again

Elon Musk, CEO of Tesla on Sunday has announced that the company will start accepting Bitcoins again. After this statement was passed there was hike of ~9.21% which was seen in Bitcoins. Let us tell you that in May 2021, Elon Musk announced that from now on the company ‘Tesla’ will not accept Bitcoins for car purchase because of environmental concerns.

Bitcoin Price Jumps When Tesla’s CEO Says The Company Will Resume Accepting CryptoCurrency When Miners Use Clean Energy

Elon Musk has said that Tesla will accept bitcoins when miner uses more renewable energy. After Musk stopped accepting cryptocurrency in the month of May 2021, Bitcoin prices fell more than 10%. He said that he thought that he felt cryptocurrency will have a great future, but this can’t be done at a great cost to environment.

On Sunday, replying to the tweet of Cointelegraph, Musk said “This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

As per some reports, Bitcoins harm the environment adversely. Bitcoin and some other cryptocurrencies require large amounts of energy, due to the computations needed for mining. Some estimates say, the bitcoin network uses as much energy (about 121 Terawatt-hours) in one year as the entire country of Argentina. This network also generates 11.5 kilotons of e-waste every year. Keeping environmental concerns at priority, Musk said, “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” He tweeted

This time, the electric carmaker has said that he is ready to accept bitcoins for purchase of cars but when mining it, it should use more than 50% of renewable energy so that its mining does not have any adverse impact on the environment and climate change. After he passed the statement on Sunday, Bitcoin took a record breaking jump of more than 9% and rose above $39,500 (£33,950) on Monday morning in the UK and in India, Bitcoin price stood at INR 28.7 Lakhs at 12pm IST on June 14.

Bobby Ong, co-founder of crypto analytics website CoinGecko said, “The market had been going through another round of correction over the weekend … until Elon Musk’s tweet of accepting BTC again for Tesla purchases changed sentiment.”